Requires companies and people to consider reactions of customers and related competitors.
Knowing customer prices is something that helps to make an appropriate pricing decision. In addition, the price elasticity and way that customers will react to a price change is vital. Finding the optimum price for demand can help to maximize revenues for a mature product and mature price elasticity curve.
Basic economic principles can help to make basic desicions, after which research is needed to come up with a pricing stratagy plan.
No comments:
Post a Comment