From the course: Pricing Strategy Explained

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Review of the three pricing models

Review of the three pricing models

From the course: Pricing Strategy Explained

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Review of the three pricing models

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- Now, we covered pricing models earlier in our introduction, but I do want to refresh your mind as to what they are and then we're going to go into some detail. They're basically just standardized ways that have been created to create a pricing strategy, so what are the three models? Again, we have cost-based, which is based on the cost of your product or service, market-based, which is really based on the competition out there overall and creates a range that you can charge from a low-end to a high-end, and value-based, and you already know my favorite one. Value-based, the more value your customer gets, the higher price you have. Also, this is based on what the customer is willing to pay, so let's take a look at each one in more detail.

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