Pricing Policy

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Copyright: 2013
Pages: 21
Source title: Marketing Decision Making and the Management of Pricing: Successful Business Tools
Source Author(s)/Editor(s): Dr. Rajagopal (EGADE Business School, Tecnologico de Monterrey (ITESM), Mexico)
DOI: 10.4018/978-1-4666-4094-8.ch005

Keywords: Business & Management / Business Science Reference / Marketing

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Abstract

Globalization has prompted trumping rivals that are tougher than ever in the global marketplace. Incumbency does not help a firm to maintain its market share in the constant turbulence. Firms reinvent strategic directions to predict a distinctive future in the competitive marketplace and determine what strategies, capabilities, and organizational structures are required to lead competition. Many firms serving business markets believe that practicing value-based pricing justifies the value of product offerings and offers a relative advantage to their customers. Price is one of the critical factors to negotiate in the entire process of marketing management. Most firms develop pricing strategies in close association with their customers to convey higher value for money on the prices offered in every transaction. Pricing is used as a critical strategic tool by the firms and drive consumers to fight back against the competing or substitute products by comparing the pricing policies of the firms. Besides the above issues, this chapter addresses developing various pricing strategies including premium pricing, penetration pricing, economy pricing, price skimming, psychological pricing, and niche pricing strategies.

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