A Comprehensive Guide On Pricing Strategy

What is Pricing Strategy

A pricing strategy is a way or method that is used to fix the best price for a product or service. It prompts you to choose prices that maximize profits and shareholder value while analyzing consumer and market demand.

Price Elasticity of Demand

Price elasticity of demand is utilized to discover how a shift in price affects consumer demand. Consumers still buy a product despite an increase in price (such as cigarettes and fuel), and these products are considered inelastic.

Pricing Analysis

Price analysis is the method of assessing your current pricing strategy against market demand. The purpose of a pricing analysis is to recognize opportunities for pricing changes and developments.