A company can adapt its pricing strategy in response to changes in the market by employing various strategies. These include Cost-Plus Pricing, where the price is determined by calculating the costs and adding a mark-up. Competitive Pricing involves setting a price based on competitors' prices. Value-based Pricing sets a price based on the customer's price expectations. Price Skimming involves setting a higher price and gradually reducing it as the market evolves. Penetration Pricing involves setting a lower price to enter a competitive market and raising it over time.
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