Pricing Methods and Techniques Assignment Help

It goes without a doubt that good pricing strategy aims at helping a company to set product prices at which it can repay maximum profits without losing its customers base. So, for a business to design a competitive pricing strategy using effective ways discussed in Pricing Methods and Techniques assignment help is inevitable. This price point is set judiciously post assessing all the aspects to enhance sales of products or services for a firm. Essential elements for setting effective pricing strategy include determining the production & distribution costs, offerings made by competitor, positioning strategies and expanding the existing customer base for a business.

Striking a balance between a medium price range wherein a company does not undergo a loss and is able to fetch maximum profit is what get categorized as essentiality of a pricing strategy. Considered as an important element from all the P’s of marketing, pricing can have a strong effect both negative and positive on a business’s reputation.

Discussing Various Types of Pricing Methods and Techniques

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Some common pricing methods are:

Cost-based Pricing: Cost-based pricing is a significant pricing method that is driven by a formula in a nominal profit margin is included in the actual product cost to reach at the final pricing. It can also be explained as an effective technique that helps in bringing to the table the selling price. It is further bifurcated into two sub methods namely mark-up pricing and cost-plus pricing.
Mark-up Pricing – It is a sub component of cost-based pricing method wherein fixed amount or a specific percentage of product cost gets added to the actual product’s price. This again done to reach the actual product selling price.
Demand-based Pricing: This category of pricing is an effective method wherein product price gets finalized as per the demand received from the customer. It goes with the simple rule that if product demand is high the price will be high and vice versa. This pricing technique is mostly followed by airlines industry in off seasons.
Competition-based Pricing: This pricing method is followed by a company post considering the price set by the competitors’. The price can be set low, high, or equal prices in comparison to the counterparts.
Value Pricing: This is an implied method wherein the organization aims to get faithful customers by setting a low price for superior rated products. By improving the research and development process a company can enhance the value of a product.
Premium pricing: This technique hints that price is set above competitor’s price.
Target Return Pricing: This category of pricing is aimed at providing the required ROI for a specific product. In this pricing method, product price is fixed on the expected profit.
Discount Pricing: In this technique, the price is set lower than the competitors.
Parity pricing: This hints that price is set equal to the price set by counterparts.
Going Rate Pricing: This is done to set the product price in line with the prices prevailing in the market. Precisely, this kind of pricing is determined by the market leaders.
Transfer Pricing: in this method a, company carries out sale of products within its departments at low prices.
Social welfare pricing: Such pricing method is targeted at benefitting various market segments to help customers in buying and consuming the product specific to their needs
Differentiated pricing: As the name indicates, Pricing Methods and Techniques defines that the differentiation of process set for different segments.
Target pricing: In this method, price is fixed by adding full product cost with a mark up to get the actual selling price.
Cyclical pricing: This technique aims to regulate the process as per the situation. If a company is in depression, it will lower the prices and in boom it increases the product price.

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