What are the four types of pricing challenges? How does marketing help gain unde
ID: 350942 • Letter: W
Question
What are the four types of pricing challenges?How does marketing help gain understanding value price?
Also what have you learned from the EpiPen controversy on value pricing, market structure, pricing power. What are the four types of pricing challenges?
How does marketing help gain understanding value price?
Also what have you learned from the EpiPen controversy on value pricing, market structure, pricing power.
How does marketing help gain understanding value price?
Also what have you learned from the EpiPen controversy on value pricing, market structure, pricing power. How does marketing help gain understanding value price?
Also what have you learned from the EpiPen controversy on value pricing, market structure, pricing power.
Explanation / Answer
The four types of challenges faced by company when set the price of products and service which are as follow :
1). New product and service not appropriate priced :Launching a new product and services is always a great risk for any organization because most of the times company not understand marketing condition. So beacuse of this its a very high chances that company not succesful with their innovation because its diffcult to set the price according to value of product and services.
2). Market misconception related to price of product and value : when customer do not understand the value of product and services so they do not believe to pay as much as company set their product price so before fix the price its neccesary to understand the market condition.
3). Benchmark costs : Its important to review price of product and services because market condition frequently changed so company make sure their price of products is not below the industrial norms and it can cover all the production cost so company can not bear any loss
4.Price differentials : price differential when company can change their prices of product and services like company charging lower price inspite of customer can give more margin so its loss of company
On the other hand company can change their price according to day/week/occassion so beacuse of this customer values changes towards the product.
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