The price of a product directly affects the consumer's desire to buy a product. Pricing policy is the most important area of marketing analysis. The cost of products provides the companies with the planned profit, determines the competitiveness of the product and the demand for it.
The formation of the optimal price is very important, because if it is overstated, then there is a high probability that consumers will be interested in a more affordable product from competitors. On the other hand, an unjustifiably low cost will negatively affect the size of the profit, so balance is very important in this matter. Pricing research is carried out to choose the best option.
Pricing policy of the company
Pricing policy consists in setting the value of the goods at a certain level, as well as changing the price, depending on the actual market situation.
It allows you to achieve the following goals:
- conquering leading positions in the market;
- getting the planned profit;
- maximizing income;
- strategic development, keeping the company afloat.
Why do you need to conduct a pricing research?
This research depends on the competitiveness of the product, by which we mean characteristics that reflect the difference between a product and competitors' products in accordance with a specific social need. The analysis involves examining the needs of actual buyers as well as market requirements.
There are a number of factors to consider when researching:
- correspondence of the product cost to the level of production costs;
- potential reaction of buyers to price changes;
- attractiveness of the company's pricing policy in comparison with the main competitors.
It should be noted that the pricing policy is an unstable value that depends on a certain stage of the product's life cycle. When products first appear on the market, it is only natural that the interest in them is high enough, and the company wants to get the maximum benefit from this. At the stage of stable growth, it makes sense to reorganize for the long term, which naturally affects prices. In the event of a decline and fall in demand for products, it makes sense to revise the strategy, introducing discounts on goods until a new product appears.
How is the analysis of the company's pricing policy carried out?
There are certain methods of pricing research that help analyze the situation. Let us give 2 methods. For example, this is the method of modeling the shelf and the direct method.
The first method involves the most accurate modeling of the buying process. There are the goods and products of competitors on the shelf. The respondent chooses the product likely to buy based on the price. Each respondent is shown only one shelf.
The direct methods include the price ladder. The respondent is presented with a description of the product, a layout and the product itself. After getting acquainted, he is asked a question about the possibility of purchasing at a certain cost. The survey is conducted until the optimal cost is identified.
These are just a few of the possible ways that are used for analysis. Each one has its pluses and minuses, so a combination of methods is possible for a comprehensive assessment. You can order a pricing research by calling the contact phone number, or through the feedback form.
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