Customer price perception significantly influences the pricing strategy. If customers perceive a product as high value, they may be willing to pay a higher price. Conversely, if they perceive it as low value, they may only be willing to pay a lower price. Therefore, understanding customer price perception can help businesses set a price that customers are willing to pay, maximizing profit margins.
Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes...
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