On day 11 of the Year 12 Recap, we look at the different pricing strategies that firms can charge.
If firms are to maximise the commercial success of a product, the right price for the product needs to be charged. However, this can often be more difficult for a firm than you might expect. The right price to set is not a static decision which can be taken – it depends on the competitive environment, the business’s current strategy and the external environment the business operates in. Therefore, firms have many different pricing strategies available to them that they can adopt.
Here Jacob guides you through the revision slide on pricing strategies: