Report of Pricing Method to be Used
Completion requirements
View
We covered pricing in Unit 7. We know from that unit that several strategies and methods are used to price goods and services. Marketers must determine the most effective pricing strategy for their specific good or service.
Industry norms often determine pricing, and pricing methods are usually set according to the rivalry among competing firms. For example, real estate purchases and rentals are often negotiable, so a buyer does not expect to pay the asking price. On the other hand, consumers who buy toothpaste will not attempt to negotiate the price at the checkout counter. So, marketers must pay close attention to the prices of competitive offerings within their competitive industry environment.