Engaging Pricing Strategy Assignment helps your troubles

Marketing is an important component of the success of products and services in the industry. It is crucial for marketers to develop the right marketing strategies so that they can create awareness about the products/services among the target audience. Marketing strategy includes product strategy, price strategy, place strategy and promotion strategy, and many more strategies. Amongst all these strategies, the pricing strategy is an important strategy, which helps in developing the cost of the products/services as per their value. Pricing strategy considers various factors, such as the capacity of the target audience to pay, market conditions, profit margins, prices of competitors and costs, etc. There are different pricing strategies developed for marketers.

Price- definition

Price is considered to be the value that is developed for a product/service after considering various factors. There is thorough research conducted to set the price of the product. The managers consider the target audience when setting the prices, their competitors, their industry and many more factors. A strategy that is taken by the marketers to set the price of a product or a service after considering many factors is called pricing strategy.

Different Pricing Strategies

A pricing strategy is developed for a defined target audience after considering various factors. Different pricing strategies are as follows.

• Premium pricing: A key type of pricing strategy is premium pricing, in which the marketers set high prices for the products/services. The companies that have a strong competitive advantage take this strategy. A new company cannot take this strategy as it would not be workable to engage their target audience with a high price product/service. For instance, Porsche uses a premium pricing strategy for setting prices for its products.
• Penetration pricing: Another key type of pricing strategy is penetration pricing. In this strategy, the prices are set low so that the target audience can be engaged. This is done to penetrate the market. When the industry is highly competitive and there are too many brands with similar businesses so penetration strategy can work best. For instance, introducing a new mobile phone has a penetration pricing strategy.
• Economy pricing: the third type of pricing strategy is economy pricing. In this type, the marketers have a very low-profit margin. The focus is on targeting the mass market so that a high number of people can be engaged. For instance, tea producers or detergents go for economy pricing.
• Skimming pricing: The fourth strategy is skimming in which products have high prices, and gradually the prices of the products are reduced. This type of strategy is taken to recover the money so that the cost can be managed. This strategy is taken rarely by the companies.

Selecting the right pricing strategy

One very crucial aspect of pricing strategy is to choose the right strategy for the products/services. Strategy assignments are based on the analysis of different organisations and their situations and recommending the best pricing strategy. All the pricing strategies listed above are crucial and chosen as per the needs of the business. The pricing strategy which is chosen by the marketer should consider the cost and other factors like profit. The marketers must determine their needs so that they can choose the best strategy.

In many situations, students are given the option to choose a combination of different pricing strategies suitable for the case business. The students should focus on finding the right cost and then choose the right strategy. However, the students should analyse the case organisation properly and then the price of the products so that the case business can be successful. Pricing strategy, if inefficient, can lead to failure of product/service irrespective of whether or not it is unique. So, pricing products properly is critical, and this forms the basis of effective assignments on pricing strategy.

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