Pricing Method
In any market, there is bound to be a strategy that is used to decide on the prices that the commodities or the services that the potential clients will be in need of. Since the goods or the services availed are always targeted at making a profit at the end o the day, pricing is one of the most fundamental focuses that the entrepreneurs have to keenly look at in order to strike a balance between making profit and retaining clients for the item offered.
In the case scenario below, the pricing methods that should b used in determining the prices of canned vegetables and Aspirin are looked at, the various methods that can be used and how different the pricing methods are as well discussed.
Pricing method for canned vegetables
Taking into account that almost each food outlet has canned vegetables, with several alternatives floated by each outlet, it is important that while the sellers find an appropriate way of pricing their canned vegetables. In a situation like this, where the competition is high and the similarity in products apparent, it does not help to only consider the competition and use the competitor pricing method only.
The best pricing method to employ here is the customer-based pricing approach. This is the approach that takes into account the psychological predisposition of the customer base while setting the prices. It looks at the direction of thought of the customer before settling for a price, this hence enables the customer to always think of their store any time they want to buy canned vegetables.
Customer-based pricing is...
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