Definition of Pricing
Pricing is defined as the methodology of determining what the firm will receive in exchange of its services or products. There are various Pricing Factors like Manufacturing Cost, Competition and Quality of the Product. Pricing can also be regarded as a crucial variable in Microeconomic Price Allocation Theory. Pricing is not just a parameter for carrying out the process of business, marketing and purchase, but it also forms as one of the four Ps in Marketing Mix concept. The other three Ps are Product, Place and Promotion.
Pricing is the fundamental factor regarding Financial Modelling. The desires and needs of the consumer can be transformed into demand only if the consumer can purchase the product. This capacity strongly depends upon Pricing.
Textbooks on Pricing
When we come to the interesting topic of Pricing, there are a number of textbooks that are selling like hot cakes for marketers. Some of the details regarding such textbooks are as follows:
- Pricing and Revenue Optimization by Robert Philips (Published by Stanford University Press – Year 2005).
- Pricing Beauty: The Making of a Fashion Model by Ashley Mears (Published by University of California Press – Year 2011).
Examples of Pricing
Example 1: An interesting example of Pricing can be Demand based Pricing. As per this concept, consumer demand is considered while deciding upon the pricing of any product or service. Here, some pricing factors are Manufacturing Cost, Competition and Product Quality for sure. Apart from these factors, this concept also focuses on Price Skimming, Price Discrimination and Price Points while deciding prices of items.
Example 2: Another interesting example of Pricing can be Multidimensional Pricing. In this concept, the pricing of a particular product or service is decided by the usage of multiple numbers. In this system of Pricing, the price of an item does not contain a single monetary amount. It rather contains numerous dimensions like monthly payments and number of payments.
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