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Challenges Ahead
Abstract
This chapter discusses the future challenges that firms might face in determining and managing pricing strategies in the global markets. It has been argued that international firms are developing new hybrid marketing systems that entail architecture of marketing channels with a focus on optimizing consumer response. Such systems offer larger market coverage and reduced costs, through hybrid grid, a map that illustrates the combination of channels and tasks that will optimize cost and coverage. The author critically examines the current practices in pricing followed by the firms and states that pricing is emerging as a challenge for firms amidst the growing competition in the global marketplace. Companies differ substantially in their approach to price setting, but most of them follow the cost-based pricing, competition-based pricing, or customer value-based pricing. Customer value-based pricing uses information on the perceived customer value of the product as the main factor for determining the final selling price.
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