Pricing

Pricing is one of the four aspects of marketing. The other three parts of the marketing mix are product management, promotion, and distribution. Pricing involves asking questions like:

How much to charge for a product or service
What are the pricing objectives
How to set the price : (cost-plus pricing, demand based pricing, or competitor indexing)
Should there be a single price or multiple pricing
Should prices change in various geographical areas, referred to as zone pricing
Should there be quantity discounts
Do you use a price skimming strategy or a penetration pricing strategy
What image do you want the price to convey
Do you use psychological pricing
Customer price sensitivity and elasticity issues
Can real time pricing be used