Customer expectations In reality, the customers are the final authority who determines the price of a product or service. These benefits or value can be assessed from two fundamental perspectives…
Organizational factors and goals of the business The goals of the business serve as a basis for the development of pricing strategy. Generally, the overall pricing strategy is decided by…
Costs and profits are two dominant factors having a direct impact on selling price. Several cost reduction strategies are usually applied to minimize the costs. However, to maximize profit, a…