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PricingPricing deserves more consideration than it usually gets. A very typical strategy is to take the cost of the product/service and add the margin you want, but tempering that by having a look around at what the competition is charging and adjusting your margin to be competitive. Well, you can do that but you may be losing out on the opportunity to use pricing in a powerful strategic way by setting pricing objectives which support your marketing objectives. If rapid sales growth is a marketing objective, then premium pricing (in most situations) will not be conducive to that. If your positioning is 'the ultimate in luxury', then discount pricing will not be conducive to that. Nickels and Burk Wood (Marketing - relationships, quality, value (1997), Worth) set out five types of pricing objectives. Which one comes closest to describing what you are trying to do? Can you use pricing to support your business objectives?
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