What is Product Pricing?

Product pricing is a process whereby a business sets the price at which it will sell its products and services, and maybe part of the business’s marketing plan (Wikipedia).

The price is the most adjustable factor in the product mix. Thus, the price has also a number of strategies associated with it. The price should be varied throughout the lifecycle of the product without the underlying assumption of what the user can pay for the product. A product pricing strategy can fill the gap between the perceived value and the actual values.

Pricing of a product communicates the company’s intended value of the product. Stating pricing on the higher or lower side can have negative consequences as pricing according to the industry standard is easy but it usually lacks competitive strategy. This might lead to a loss in sale also because consumer often interprets prices along with past purchasing experiences and research.

How we help

For every company, in different industries, pricing has a different meaning. We, at 3EA, have different tools to develop a tailored solution that works for your ecosystem and we work with you to design solutions that allow your organization to develop skills to repeat the process in the future.

Whatever your pricing issues, we can easily fix them. Our huge clientele base has provided us with rich experience in various industries, products services and pricing aspects. Pricing is a very broad field and in the past 10 years, we have completed more than 25 Pricing Projects boosting our client’s returns. We use scientific methods to optimize products prices in real-world business situations.

Need to write the different approaches that have been built so far are the different examples of the initial approach we have developed to help our clients to capitalize on the digital market impact. As true pricing professionals, we also reach out to clients and businesses for their perspectives on pricing on a regular basis. Every edition of pricing reveals new insights into how companies think about the latest pricing issues.