IGNOU AMK 1 2017 2018 - Explain the two pricing approaches for pricing a new product

Question

Explain the two pricing approaches for pricing a new product

07 Mar 2018

Answer :

Word Count : 461

Small companies can use a number of pricing strategies for new products. Some business owners use a cost-plus method for pricing. They calculate production and advertising costs then add a percentage to their unit costs. Other companies have a specific return on investment in mind for new products. Whatever the case, business owners must study the market and competition before setting a price for new products.

Demand

A company will usually study demand for industry products before setting a new product price. Demand may be relatively elastic in the industry, meaning consumers

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