From the course: Excel: Market Research Strategies

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Product pricing basics

Product pricing basics - Microsoft Excel Tutorial

From the course: Excel: Market Research Strategies

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Product pricing basics

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- [Instructor] Product pricing isn't something most ordinary people think much about, but pricing strategy is a huge factor in the success or failure of a product. Think about how different services like Uber, Costco, or Google would be if they didn't have their unique pricing models. Now, one key element for maximizing the efficacy of a business's price is what's called price differentiation, or sometimes price discrimination. Price differentiation occurs when a business charges a different price to different groups of consumers for exactly the same good or service but for reasons not associated with cost. In order for price differentiation to take place, you've got to have a firm that has some market power and can distinguish between their consumers and could prevent resale. Without market power, let's pretend we have two gas stations as an example, that are competing against one another, they don't have any market…

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