Setting prices that align with customer perception and value is essential for profitability and satisfaction. However, this task is challenging due to the subjective nature of value perception and internal organizational complexities.
Challenges in pricing strategy
Pricing professionals...
Understanding customer willingness to pay (WTP) is essential for setting effective prices. It helps businesses balance profitability and customer satisfaction. Accurately measuring WTP avoids underpricing and overpricing, improves product development, and guides market segmentation....
Pricing is a crucial part of any business strategy and can make or break a company's success. While it's always tempting to undercut competitors with low prices, this strategy often leads to a race to the bottom and isn't sustainable in the long term. Value-based pricing strategies, on the...