Question
Discuss any four methods of pricing, highlighting their utility and circumstances, under which they are used
Answer :
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Pricing is a critical function in buying and merchandising because the price of a product directly influences sales volume, customer perception, profitability, inventory movement and the overall positioning of a retail store. Merchandisers select an appropriate pricing method by considering product characteristics, customer demand, competition, costs and the stage of the product in its life cycle. Four important methods of pricing are cost-plus pricing, competitive pricing, demand-based pricing and psychological pricing. Cost-plus pricing is one of the simplest and most widely used methods. Under this method, the retailer calculates the total cost of acquiring or producing the product and adds a predetermined profit margin. For example, if a retailer purchases a garment for ₹500 and adds a 40 percent margin, the
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