Different strategies can be a plan by different pricing methods. The pricing methods are the methods for calculating the price of goods and services by considering all aspects that influence the pricing strategy as a whole, such as the product/service, competitors, intended audience, product life cycle, business expansion strategy, and so on.
Cost-Based Pricing: It determines the final price by adding part of the targeted profit margins to the product’s price. Cost-plus pricing method and markup pricing method are the two types. A fixed proportion of the total cost price is added to the selling price in the cost-plus pricing method. An example to consider would be ABC organization bearing a cost of 10$ per unit for production, which will add 5$ per unit to the product’s price as a profit. In contrast, markup pricing adds a fixed percentage of the output cost to the product’s price to calculate its selling price. For example, if a customer purchases an item from the dealer at 10$, he can add 20$ to gain profits.
Demand-Based Pricing: In this kind of pricing, the product’s price is finalized according to the demand of that particular product.
Competition-Based Pricing: In selecting this pricing strategy, the organization considers the competitors’ products’ prices and structures its own accordingly.
Other Pricing Methods: An organization attracts loyal customers by charging them lower prices for high-quality products in the value pricing method. Target return pricing method can help in obtaining the required rate of ROI done for a product. Going rate pricing helps the firm set prices of products according to the market’s prevailing pricing trends. In transfer pricing, one sector of a firm can sell its commodities to other sectors at comparatively cheaper rates.
Pricing Strategy Matrix
A company’s product mix is the set of items and services it chooses to offer its customers. The matrix explains how various levels in quality and pricing connect to make the four most generally applied pricing procedures.
Economic Pricing: This works sustainably only when a brand has lower overhead costs than its competitors. For example, Lidl has gained a competitive edge over its competitors by fixing cheap prices. Here quality does not necessarily mean low quality of the goods; it could be the environment or the product’s packaging.
Penetration Pricing: It sets an initial artificially low price, also known as an introductory price, on a high-quality product. The expectation is to get consumers to instinctively switch to this low-cost and high-quality product, thus easing the market.
Price Skimming: It includes setting up a costly price for a low-quality good as an attempt to generate revenue from a small number of customers who are ready to purchase these at a fixed price.
Premium Pricing: This kind of pricing works when the production costs are higher, but image-conscious buyers attract it. Examples are Louis Vuitton, Rolex, etc.
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