Proper pricing is crucial if you’re selling a new product / service or an existing one to a new market. You want to be able to penetrate the market and attract customers as quickly as possible. But in the long … Read More
English
Mastering the Art of Pricing Strategies: Definitions, Examples & Benefits
Pricing is a critical component of the marketing mix because it directly affects the profitability of a business and influences consumer behavior. Price your product too high, and you risk sales volumes and sitting inventory. Price it too low, and … Read More
What is Price Matching And Should You Offer A Price Match Guarantee?
You’ve just purchased a pair of headphones, and moments later, you see that same pair of headphones in another store, but for a much lower price. What would you do if you needed to buy a charger too? You might … Read More
Competitive Pricing: Definition, Examples, Advantages and Disadvantages
For any business to thrive, it must be able to attract customers, deliver value, and remain profitable. One crucial part of achieving these goals is to set the right price. Price influences purchase behavior, especially in highly competitive markets where … Read More
What is Prestige or Premium Pricing [Strategies & Examples]
Why do people pay more for a particular product in one store when they can get the same or a similar one cheaper elsewhere? The answer is perception. People associate high prices with high quality and exclusivity. That’s where premium … Read More
What are Retail Price Points (with examples)
For retailers, understanding what motivates customers and influences their purchase behavior is critical to survival. Generally, price is one of the top factors impacting sales volume. If a retailer charges too much, demand can plummet and hurt revenue. On the … Read More
Net Price and List Price: What is the Difference
According to the National Retail Federation (NRF), price is the second most crucial factor influencing 30% of consumers buying decisions. But most merchants and retailers struggle to strike a balance between different pricing models, including net price and list price. … Read More
Demand-Based Pricing: Examples of a Smart Pricing Strategy
Have you ever wondered why airline tickets skyrocket during the holidays or why you can get flowy dresses and light shirts for more than half off in the winter? Well, retailers dictate these prices by a strategy known as demand-based … Read More
Keystone Pricing Tactics That Every Retailer Must Know To Drive Sales
Retailers often struggle with how to price goods. With increased competition, especially from ecommerce stores that have no storefront and can afford cheaper prices, can brick-and-mortar retailers remain competitive? Definitely. Customers still value the shopping experience and are ready to … Read More
Everyday Low Pricing (EDLP) Strategy: Pros & Cons (with examples)
Consumers have more choices than ever, so retailers always look for ways to get a competitive edge. Everyday Low Price (EDLP) is one of the ways retailers can distinguish themselves from their competitors. This pricing strategy, made widespread by Walmart, … Read More