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Define Pricing Strategy

Pricing strategy is basically a tactic used in the process of making sales of product or services. After deciding upon certain measures and estimating the adequacy of profit expansion, the price is set. In addition, the process of stating the price strategy considers the competition. The price strategy can defend the present market at the time of new entrants coming into the market and can create the competition. A crucial part of the marketing mix, pricing remains a highly necessitated component. A modest but proficient scheme of pricing allows setting criteria for the customers with respect to products or services. At present, customers can initiate the pricing comparisons online due to the arrival of internet media. Customers are choosy about the buying they make owing to their awareness of the monetary value and having the access to the new form of media. Businesses tend to make flexible pricing strategy to make customer better aware of their products and services.

Market pricing is an extremely critical aspect of marketing that determines the feat of products. Figuring out the right pricing of a product is challenging and depends on several factors, such as product quality, product cost, customer group, market location, and market and competition condition.

Here Are Different Stages of Pricing

Decoy pricing: It is a type of pricing methodology when the supplier provides three or more diversified products. Two out of those products are usually of a similar or equal price. And those two products are generally priced costlier than the third product. The technique generates high sales as it provides more options to the customers of products with a similar price.
Creaming: Also known as Skimming, Creaming is a methodology in which products are sold at a little higher cost, thereby requiring to break even a small number of sales. In simple terms, it is a method of selling products at a higher price for generating higher profit at the expense of high sales. This method generally covers and reimburses the price of the investment. And the tactic works for a small period.
High-low pricing: Businesses use this technique to provide a generally higher price than that of their competitors but offer low costing on the crucial items. The businesses study the pricing nature of their competitors before applying this tactic. The lower costing is mainly to attract the customers into the business and then offer them high-priced key products and low-price promotional products.
Freemium: In this method, the business provides products and services when charging a decent amount for the premium for the key product.
Odd pricing: This is the most common pricing method used by sellers. In this, sellers select an odd number before the actual cost thereby giving a sense of low cost when the cost is high. There is no room left for customers to bargain.
Loss leader: In this technique, the business offers the product at a comparatively lower cost compared to the competitors. Although the profit margin is low; however, the technique helps in gaining a heavy and good market share amid customers. Retailers commonly use this method to purchase a product when the costs are arranged after the pricing of the loss leader.
Value-based pricing: This is a method in which the product pricing is based on its real value and any other factor including the cost of production is not considered. This leads to sales increasing, giving customers a high sense of importance.

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