Deciding the Right Pricing Strategy
Price is the value placed by a company on a product or service that they have created. A customer is asked to exchange money for the product or service, and this is what the company receives for all of the effort put into producing and marketing it. Therefore, in order to persuade the customer to pay for the product or service, a company must ensure that the customer’s needs are satisfied, the methods of distribution are convenient, and that they are exposed to appropriate methods of advertising. However, bearing this in mind, a company must also ensure that the costs of creating the product or service are covered in the pricing decision.
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