Pricing Strategy

The purpose of Step 6 in the marketing plan is to create a pricing strategy for the offering that meets the firm’s goals and objectives while staying in alignment with the consumers’ perceived value of the offering.

The pricing strategy section of the plan should include the following three sections:

1. Choose and explain the introductory pricing objective and strategy for your product from among:

  • Market penetration pricing
  • Price skimming

2. Choose and explain the established pricing objective and strategy for your product from among:

  • Everyday low pricing
  • High/low pricing
  • Premium pricing
  • Psychological pricing
  • Prestige pricing
  • Bundled pricing
  • Odd/Even pricing
  • Competitive pricing
  • Value-based pricing
  • Target ROI
  • Cost-plus pricing

3. Consider discounts as appropriate.

4. Calculate break-even to gauge the feasibility of the established pricing strategy and determine the number of units that must be sold to cover the costs of doing business.

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