Answer to Question #249140 in Marketing for jweel

Question

Which pricing strategy is suitable for your product and why?

Answer 1

A pricing strategy can be defined as a practice in which companies determine the best price to sell their products of services (Kienzler et al, 2017). There are various strategies which companies use including competitive pricing, dynamic pricing and competitive pricing. The strategy I would use for my product is competitive strategy as it focuses on what the competitors are charging and is also good especially for startup companies or ones that do not have room for growth.

References

Kienzler, M. and Kowalkowski, C., 2017. Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, 78, pp.101-110.