Price is the sacrifice made by the consumers to get an item. They are very sensitive to what they sacrifice for a product. In price setting, marketers should consider consumers’ ability to pay, the demand for the product that exists, the cost involved in producing the item, and the costs, prices, and offers of their…
What is Price Adaptation? Prices set by a company do not always remain the same. Over time, the original price established for almost any product will have to be adjusted. The marketing executive will find it necessary to change the product’s price several times during the course of its life cycle. They are changed or…
In a dynamic business world, price administration cannot end with the setting of an initial price. Changing marketplace conditions often require the organization to cut or increase prices to stop making changes. Companies often face situations where they may need to reduce or increase their prices even after developing pricing strategies and structures. In this…