From the course: Pricing Strategy Explained
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Types of pricing strategies
- Your pricing strategies must be consistent with all of the other strategies that are in your business plan, and that you're executing in your business, and I call this internal consistency, where you're actually looking and your everything is consistent throughout your business. And that's what we want. And what we want to avoid is internal inconsistency, where the strategy doesn't line up with pricing strategy. So your other strategies, such as positioning strategy, let's say that you have a premium product, and that you're offering it for a low price. That's internally inconsistent, they don't match up. In the customer's mind it doesn't match up. Why is this product so great quality, and yet it's so cheap, and there's a big question mark over your offering there, and that's not what you want, as an example. Next strategy is branding, and so, I've got a high end brand like Hermes, but it's on sale, it's on discount. In…
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