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Pricing in Market Uncertainties
Abstract
The marketing environment for a competitive environment is a combination of factors that are used for pursuing marketing objectives in the identified markets for achieving targets. These factors have to be strategically mixed in the marketing planning for offering quality services and optimizing customer value. It is an integrated approach for promoting the services with a view to expand the area under services market. This chapter discusses the pricing strategies that can support the firms during marketing uncertainties. The author argues that many pricing decisions are driven by judgmental rather than data-rich uncertainties—the rate of demand shifts, the impact of substitute prices, the consumer conflicts on prices offered, or the extent of price war. This chapter also discusses the strategies for niche pricing. It is also illustrated in the chapter that there are three levels of price analysis in reference to competition—a price system, price at an individual competitor’s firm, and industry rival’s price.
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