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Kotler's Matrix enhances a business's pricing strategy by providing a structured approach to assess the value of each product in terms of quality and price. It allows businesses to plot their products from low to high across these two dimensions. This helps in identifying the right pricing strategy for each product based on its position in the matrix. It can reveal insights about price sensitivity and help businesses choose the right pricing for the right product, thereby maximizing their profit margin.
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In order to price their products, execs can use this Kotler's Matrix slide to list products on an assessment table. The value of each product is plotted from low to high across quality and price. Once every product is assessed, enter the products into each of the relevant pricing option grids on the matrix.
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Need to improve your product pricing to maximize your profit margin? This Pricing Strategies Toolbox includes some of the most useful and common prici...
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