How is it priced?

Pricing is a critical function that determines the viability and profitability of a product or service in the market. Pricing strategies are formulated by analyzing various internal and external factors such as production costs, market demand, competition, marketing expenses, and profit margins. The prices of products and services can be set based on a range of strategies such as cost-plus, value-based, competitive, skimming, and penetration pricing. It is important to set the right price for products and services so that they are competitively priced but also provide adequate returns to the business. Pricing is an ongoing process and requires careful monitoring and adjustment to maintain profitability and market-share.

This mind map was published on 3 May 2023 and has been viewed 58 times.