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Pricing is a method adopted by a company to set selling price of the products. The price is considered in which the company could acquire the goods, the market place, the manufacturing cost, competition, quality of product and brand. Pricing plays an important role in microeconomics price allocation theory. It is a fundamental category of financial modelling. Pricing can be of both manual and automatic process. The factors on which pricing is based given in Pricing Assignment Help Online Service are- quantity break, promotion campaign, shipment or invoice date and many others.
It is the most important concept in the field of marketing. The objectives of pricing are: –
• To maximize current profits of the company.
• To increase sales volume of the company.
• To prevent the entry of competitors.
• To achieve the quality leadership.
• To satisfy the customers- prime objective of pricing.
• To promote a new product for trail and repeat buying.
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Different Types of Pricing
The different types of pricing explained in Pricing Assignment Help Online Service are:
• Premium Pricing: – Premium Pricing is a type of pricing in which comparison involves. Here, a higher price is established than the competitors in order to achieve a premium position. This type of pricing is used when the product has unique features and competitive advantage to its rivals.
• Economy Pricing: – Economy pricing is a type of pricing which takes a low cost approach. Here, minimum prices are kept to attract specific segment of highly price sensitive market. Walmart and Aldi are the examples of companies that focus on this type of pricing.
• Penetration Pricing: – Penetration pricing is a type of pricing that is designed to seize market share by entering the market with a comparatively lower price than others. This type of pricing strategy is used to attract more customers and to make them switch from current brand’s product existing in the market. As the price sensitive customers are targeted and the market share is captured, the company increases the prices.
• Psychological price: – Psychological pricing is a type of pricing in which the price is converted into small incentive which makes a huge impact psychologically on customers. This type of pricing strategy is frequently seen in shops and supermarkets.
• Bundling Pricing: – Bundling pricing is a type of pricing in which two different products are combined and offered as a deal. This is usually done to get rid of excess stocks.
• Promotional Pricing: – This type of pricing is same as that of bundling pricing. In this pricing process, the old and new products are bundled. It focuses on buying one product and getting the other absolutely free. It helps in moving old stocks.
The details of promotions is given under Pricing Assignment Help Online.
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Clients looking for Pricing Assignment Help Online Service from us can expect a few pros and traits:
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