Pricing strategies adn Price determination - Pricing Objectives

4 important questions on Pricing strategies adn Price determination - Pricing Objectives

What is price thresholds?

highest and lowest price a consumer wants to pay for a product.

What is gross profit margin?

percentage profit you want to make on a product.
difference between selling price - cost price

What is value pricing?

specific product characteristics/attributes are as importatnt as price in making a purchase decision.
overall product value, what buyers want to pay for a specific product
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What is nonprice competition?

instead of using lower prices, they use other market instruments, such as offering benefits, better accessibility, a long warranty

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