From the course: Pricing Strategy Explained
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Market research
- Step one, researching the market. Now this is a critical step to your overall process to understand really what the tolerance is of prices, or the range from the low to the high, and that's going to be critical. Again, it doesn't mean that you have to fit within that range, but it starts to give you kind of a check on your overall pricing strategy 'cause if you're way out of range, that's going to tell you something and give you information about that. Now, the other thing that this is going to help you do is it's going to help you understand their discounting strategies, it will look at the features of your product or service and compare them to the features of their product and service and to see the pricing variations that actually go into this. We also might look at their strategy. Are they using cost face? Are they using value based pricing? All of this becomes important as we start to understand and research…
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