Business Plan Pricing Strategy Example

You can create demand curves (using a spreadsheet analysis) to capture that data.

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On a very restricted basis (for prestige or luxury type products), a very high price might signal a better or more desirable product and so for that type of market the demand curve would be 'abnormal'.

If demand changes considerably with price increases/decreases, demand is elastic.

You’re going to need customers to buy your product. There are many free or low-cost strategies such as referrals, word-of-mouth, public relations, and marketing partners to help cross-promote or sell your product, so I would avoid any expensive print, TV or radio advertising campaigns at these early stages. Before you start actually executing on your marketing strategy, however, think about “branding.” This is the look and feel of your business, what customers experience when interacting with it, from the fonts, colors and text of the website and your business cards to the overall image you portray in the product itself.

This branding will be reflected in the execution of your marketing strategy.

“How much the customer is willing to pay for the product has very little to do with cost and has very much to do with how much they value the product or service they’re buying,” says Eric Dolansky, Associate Professor of Marketing at Brock University in St. Pricing a product is one of the most important aspects of your marketing strategy.

Generally, pricing strategies include the following five strategies.Ultimately, you’ll want to sell your product or service in as many ways that make sense for your company: online, at a retail outlet, via house parties or mail order, or through other companies.Initially, however, focus on selling through just one of these channels so you can build your business before comfortably extending to others.If demand does not change much if the price goes up or down (to a certain point), then demand is inelastic.What is the price elasticity of your product in your market?Pricing is so important a subject in your small business environment that it has its own section on this website and it is also covered in several other areas (strategy and marketing).Why is pricing strategy so important to your business?Yes, if you have unique services, features and benefits, your customer will pay for those additional and unique characteristics. Build effective marketing pricing strategies by completing a cost and pricing analysis for each of your products or services.Focus your small business marketing plan and your sales plan on pricing strategy and pricing objectives.Describe how you want customers to experience your product or service.Take a look at products or companies that you really like, and think about why you like them. Do these characteristics permeate all aspects of the product, from website to packaging to letterhead?


Comments Business Plan Pricing Strategy Example

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