Price is the only factor that generates revenue in marketing mix, while other factors concentrate at cost.” Understanding the fact, list down the different types of pricing strategies and select anyone pricing strategy you advise for the company with reasoning?
Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
M/s. Reliable Incorporates are in the business of Garment Manufacturing. The company
is known for its creative and unique designs. The company has local, national and
international presence. The product categories of the company comprise of formals,
casuals, suits, designer wears and wedding outfits with the brand name as “RI”.
“Price is the only factor that generates revenue in marketing mix, while other factors
concentrate at cost.” Understanding the fact, list down the different types of pricing
strategies and select anyone pricing strategy you advise for the company with
reasoning?
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