Effective Pricing Strategies for Business Success
Learn about pricing strategies in business to optimize product pricing based on market conditions, customer segments, and product demand. Explore premium pricing, penetration pricing, economy pricing, price skimming, psychological pricing, and product line pricing strategies for strategic pricing decisions.
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Presentation Transcript
LIBYAN INTERNATIONAL MEDICAL UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION PRICING STRATEGIES PREPARED BY: ZUBEIR LENGHI EMAIL:ZUBEIR_3800@LIMU.EDU.LY ID:3800
CONTENTS: Introduction Define pricing strategies The different types of pricing strategies Conclusion References 2
INTRODUCTION: Pricing strategy is a tool for determining the price of a product or service based on a variety of elements such as resource consumption, market conditions, customer ability, demand and supply, and product need (regular or rare). 3
EXAMPLE: Company A is a well-known sports gear store with a significant customer base. The company divides its consumers into groups based on their income levels, and it charges a premium to the richest customers. 4
TYPES OF PRICING STRATEGIES Premium Pricing : In the premium Pricing Strategy, the prices of goods and services are a bit higher than the general prices. Penetration Pricing :It is utilized by new traders to establish themselves in the market. By lowering the product's price, the sellers hoped to attract more buyers. 5
Economy Pricing :one of the most effective price strategies for clients who fall within a broad category Price Skimming : It's a rare pricing strategy in which a well-known product's sales are substantially lowered 6
Psychological Pricing : For instance, Bata offers a new type of shoe at a price of Rs. 1,999/-. The psychology of the human brain is willing to accept dollars in the amount of 1999 dollars, but not in the amount of 2,000 figure 2. As a result, a number of businesses employ this psychological pricing strategy Product Line Pricing :Prices may change depending on the size of the product. Even if the product is same, the price may change by ten dollars if we purchase a single item. 7
Pricing Variations :Its most common in travel agencies. For instance, if we book an airline ticket two months in advance, the cost will be lower. 8
CONCLUSION: pricing strategies is a tool for determining the price of a product or service based on a variety of elements 9
REFERENCES: (2022). Retrieved 30 May 2022, from https://www.vedantu.com/commerce/pricing- strategies. What is a Pricing Strategy? - Definition Meaning Example. My Accounting Course. (2022). Retrieved 30 May 2022 10
Thank you 11
