PRICING STRATEGIES IN BUSINESS

  • Alibabu Student, Department of Management Studies, Gates Institute of Technology, Andhra Pradesh, India.
  • Omprasad Reddy Student, Department of Management Studies, Gates Institute of Technology, Andhra Pradesh, India.
Keywords: Pricing, Strategy, Marketing, Profits

Abstract

This paper discusses about various Models of pricing and pricing strategies used by the businesses. These models and strategies are explained with examples. Pricing strategies aims to gain more profits and boost companies implement their own pricing strategies depends upon the place, climate conditions, demand of the product, and customer’s income levels. Pricing strategies is used to earn more incomes in business and to increase their sales in the market. Price is the one element of the marketing mix that produces revenue. Pricing strategies are most important factors in business firms. The choice of pricing strategies implemented by the firm will depend on the whole corporate strategy, buyer expectations and behaviour, competitor strategy, industry changes, and regulatory boundaries. Other factors affecting the nature of pricing strategies are corporate image, geography, price discrimination, and price sensitivity.

References

Kotler, Philip, & Armstrong, Gary. (2010). Principles of Marketing (13th Edition), pp. 293. Pearson Prentice Hall. ISBN: 978-0- 13-607941-5.
(2016, March 26). Marketing Mix (Pricing Strategies). Retrieved from http://www.learnmarketing.net/price.htm
(2016, March 27). 5 Reasons Pricing Strategy is Increasing in Importance. Retrieved from http://www.marketing91.com/pricing-strategy-increasing-importance/
(2016, March 28). Predatory Pricing. Retrieved from http://www.investopedia.com/terms/p/predatory-pricing. asp
How to Cite
Alibabu, & Omprasad Reddy. (2018). PRICING STRATEGIES IN BUSINESS. International Journal of Logistics & Supply Chain Management Perspectives, 7(01), 3302-3306. Retrieved from https://lscmp.com/index.php/lscmp/article/view/6
Issue
Vol. 7 No. 01 (2018): JAN-MAR
Section
Articles

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