From the course: Pricing Strategy Explained

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Pricing variable 6: Quality

Pricing variable 6: Quality

From the course: Pricing Strategy Explained

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Pricing variable 6: Quality

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- Our next price influencer is quality. So is your product or service considered of high quality or a premium product? You need to ask yourself that question. Are you using better ingredients, are you using better materials that customers would actually appreciate? That's important as well as you're looking at whether or not your product is of quality. Does your product have special features in it that actually customers would perceive as higher quality? Or, on your service business, do you offer white glove service, or some type of personalized service, to your end customer? So as we know, there's a direct correlation as I said between the quality of the product and the price. The higher the quality, the higher price you can charge. If you've got lower quality, you're going to have a lot more pricing pressure, you're not going to be able to control pricing nearly as much. And again, will then end up going more to cost…

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