Describe the basic market forces that are relevant to pricing and decision-making for companies. Include the following: What information would you want to have in order to make sound pricing decisions? With financial information, there is often some level of uncertainty and estimation. How would you explain any risk or uncertainty about information to senior management? How would you suggest monitoring and responding to competitors' pricing actions?
Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
Describe the basic market forces that are relevant to pricing and decision-making for companies. Include the following:
What information would you want to have in order to make sound pricing decisions?
With financial information, there is often some level of uncertainty and estimation. How would you explain any risk or uncertainty about information to senior management?
How would you suggest monitoring and responding to competitors' pricing actions?
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