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Competitive pricing can affect the profitability of a business in several ways. If a business sets its prices too high compared to its competitors, it may lose customers to them, reducing its profitability. On the other hand, if it sets its prices too low, it may not cover its costs or make a sufficient profit. Therefore, it's crucial for a business to find a balance where it can attract customers and still make a profit.
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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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