Business & Strategy
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Activity:
22 views;
last activity : 09 17 2010 10:59:48 +0000
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Proper Market Review
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Follow the strongest competitor
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try to improve quality of product
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Cut unnecessary expenses or bring down profit margin to a reasonable level.
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Do not expect Lac to turn into Million
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Reduce costs
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FOLLOW THE BRAND LEADER
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It is better to watch other players & then quote your price. Besides that you need to keep an eye on the other happenings in the market. There are some uninvited changes that affect the pricing strategy but some affects can't be avoided. |
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Thanks for invite Sujatha,
Agree with you to an extent. Strength of your own "cost in control" and quality are equally important.
And just to add : What if you are the product launcher? give a thought.
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The best way is to follow your strongest competitor & price accordingly. This will help you in playing ina much better & safer way. |
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i think right price strategy is don't try to loose their product price for attract the customer and sale .because sometimes they effect wrongly on customer mind like they can be think that product quality is not like . if you provide the good quality product than you have no worried about the right price strategy.customer want the good quality product at any cost |
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Try to improve quality and give your best to the consumers. Fix a price with minimum profit and you will observe wonderful results.
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Inorder to survive in this competitive world, pricing of a product/service should be very attractive than your comptetitors. Effective pricing can be done in many ways like cutting unnecessary costs or bringing down your profit margin to a reasonable level. The reason for high price of a product/service in the market than your competitors is because of poor cost management & making unnecessary expenses. If you manage your cost very well & cut your unnecessary expenses then you will be in better position than your competitors in fixing effective price. After cutting down unnecessary expenses still your pricing is not so effective then you can go for bringing down your profit margin to a reasonable level. The general rule says " If you want to gain something, then you will have to lose another thing". The same applies to business also. If you want to gain more & more customers than your competitors, then you will have to lose some part of your profit margin. This technic will be very effective and you can pose very competitive price than your competitors. |
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In this rat race i dont think following anyone has any meaning for your product, then you are not be able to give an unique point (USP) in your product which influences the prospective buyer.
Again the factor to be considered is in which market your product is focused Viz. Mass: FMCG,FMCD, Automobiles OR Niche: Software services/products, Energy/Manufacturing. In any of these cases the best way to make the competiton run for thier money is effective cost management and smart thinking during your product launches(like offering Value Added Services).
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People need, Use of the product, Production cost are the three that decides the price. Based on the cost of production & the strong base for the need among the population decides thr price. If your " use" is much better than the other item available, for the strong base that you have , price can be dictated. Care need to be taken that , no producer should expect many fold profit for the product. Just a bit to keep business run to keep people & you happy going. |
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Reduce the unit cost of manufacturing by implementing quality programmes and minimise defects..lower costs of production enables profitability at lower margins/pricing
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MATCH THE PRICE OF THE BRAND LEADER.CUT DOWN YOUR EXPENSES,MINIMISE YOUR COST.SPEND MORE MONEY ON A&SP. |
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