Practical Guide to Understanding Your Pricing Options

Price Your Product or Service for Strategic Objectives

Pricing is one of the most unsung elements of marketing. Practical Guide to Understanding Your Pricing Options teaches the reader how to price their products or services strategically. By implementing the suggestions in this book, the reader will be able to use pricing to not only encourage customers to buy but to maximize their profit margins. This book is broken into 3 parts. In the first part, “Pricing Strategies," the author describes 14 pricing strategies to drive specific customer behaviors such as building customer loyalty, ensuring more consistent business cash flow, and encouraging customers to buy in larger quantities. Part two, “Pricing Concepts,” looks at such concepts as price elasticity and pricing at the margins so a business has the tools to maximize its profit margins. The final part, “Behavioral Economics,” introduces the reader to customer psychology. For example, this section looks at how customers have an irrational, yet predictable reaction to free products, decoy prices, and fear of loss. Practical Guide to Understanding Your Pricing Options is a concise and easy to read guide packed with solid advice that will help the reader implement pricing strategies to achieve specific business objectives.