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A company can balance profitability and competitiveness in its pricing strategy by implementing a combination of different pricing strategies. These may include cost-plus pricing, competitive pricing, value-based pricing, price skimming, and penetration pricing. The choice of strategy depends on the company's objectives, market conditions, and customer expectations. It's important to continuously monitor and adjust the pricing strategy to ensure it remains competitive while also driving profitability.
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Cost-Plus Pricing – the process of simply calculating your costs and adding a mark-up. Competitive Pricing – the process of setting a price based on what the competitors' prices. Value-based Pricing – the process of setting a price based on the customer's price expectations. Price Skimming – the process of setting a higher price and bringing it down as the market evolves. Penetration Pricing – the process of setting a lower price to enter a competitive market and rising it with time.
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Take the most advantageous pricing approach to increase profitability of your organization. Use our Pricing Strategies presentation to outline factors...
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