A well-known customer intelligence company, Infiniti Research, has announced the completion of their latest article on the latest pricing strategies adopted by companies to boost their profits. The article gives a comprehensive overview of the new pricing strategies such as penetration pricing, economy pricing, psychological pricing and promotional pricing. It also highlights the important factors involved in the pricing of products that are relevant in today’s competitive business scenario.

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The new pricing strategies in the marketing. (Graphic: Business Wire)

The new pricing strategies in the marketing. (Graphic: Business Wire)

Adopting the right pricing strategies is a complex task and involves developing a precise knowledge of the market and its consumers. Keeping prices too high or low to maximize profits or sales can result in heavy losses for companies. This makes it vital for companies to formulate pricing strategies that can consider factors such as consumers' ability to pay, market conditions, and productions costs before the pricing of products. Companies also need to identify their value proposition before adopting any competitive pricing strategy. If achieving operational efficiency is a key value proposition for the company, then they need to devise a competition-based pricing strategy. On the other hand, if the company's value proposition is product leadership, then they are required to price their products comparatively higher to similar products in the market.

Companies require precise pricing strategies to stay ahead of the curve. Get in touch with our experts and know how our portfolio of price analysis solutions can help you adopt the right pricing strategies.

The new pricing strategies in the marketing:

Penetration pricing

Companies adopt various strategies while entering a market to gain substantial market shares. This either comes in the form of free services or low prices for their products for a limited period of time. This is one of the most sought pricing strategies employed by companies to set up their customer base in a particular market.

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Economy pricing

At times, companies decide not to spend more on promoting products and services. This is the time when they keep the marketing cost of their products to the minimum. This strategy is quite effective and is widely used by companies as it delivers significant sales during the time of recession.

Psychological pricing

Psychological pricing strategies are usually adopted by companies when they want to market their product to price-conscious customers. Since psychological pricing is based on consumers' emotional responses rather than their rational responses, it proves to be highly beneficial in gauging the desired consumer base. Even if consumers are not acquitted with the market, prices still remain the deciding factor in making the purchase or availing a particular service offering.

Does the process of adopting accurate pricing strategies still seem complex to you? Request for more informationand know how our competitive intelligence services can help you address the complexities of such strategies.

About Infiniti Research

Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us