17
Pricing strategies: dynamic pricing
Your pricing strategy is the choice you make about how much to charge customers for your product or service. It is a key element of the marketing mix, and it needs to be consistent with all the other elements of the mix (product, place, promotion) to ensure that the product/service has the best chance of success in a competitive marketplace.
Dynamic pricing is a specific pricing strategy that allows you to change your prices rapidly in response to variations in demand.
When to use it
- To decide how much to charge for a new product or service.
- To understand the pricing choices made by your competitors.
- To identify opportunities to make additional profits for your firm.
- To adapt your prices in response ...
Get Key MBA Models now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
