The Importance Of Pricing

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Pricing your products & services more than meets the eye
We all learned about price as one of the four P’s in marketing, an important component in the mix that makes a product or service a must-have for purchasing. But a lot has changed since those marketing pillars were first put in place, with competition more intense than ever, business moving at the speed of light and all things digital making the entire landscape, businesses and consumers included, dynamic and agile.
Several factors are key influences in the whole pricing process. These include:
• Consumers’ ability to comparison shop. With mobile devices, “show rooming” and aggregator websites and apps, consumers can comparison shop from their mobile devices in a matter of seconds.
• The ability to change pricing “on a dime.” Likewise, pricing software allows for pricing to be adjusted up or down, even many times during a single day, in response to changing market conditions.
• A constant influx of new products and services. There’ve always been new products and services entering the market, but the time required for R&D, roll...

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