After selecting a pricing strategy the next step in the establishment of prices is determining a specific price.
A pricing strategy is a plan or technique for choosing the most competitive price for a good or service. It assists you in setting pricing while considering customer and market demand into account in order to optimize profits and shareholder value. If you undervalue your offer, you lose money. If you overcharge for it, you risk losing out on sales that may have made your year.
There are several pricing strategies available, but some of the most popular ones are value-based pricing, competitive pricing and price skimming prices.
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