A company can protect its initiative from failure due to pricing mistakes by first determining its goals, running a market pricing analysis, and conducting a thorough target audience analysis. It should also consider all price determinant factors such as production costs, demand for the product, prices of the competition, customers' purchasing power, legal and government regulations, and its own objective and marketing strategy. The company should also educate its team about the most common pricing mistakes, which include trying to be the lowest price provider, mixing the pricing message, and underestimating real costs.
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