What is Pricing Strategies?
Pricing strategy is the tactic method which is use by companies to increase sales and maximize profits by selling their goods and services at strategic prices. this strategy usually use at the time of starting new season or fashion to sell the old stock.
Importance of Pricing Strategies in Marketing
- Attract New Customer, When the prices fall it attracts new customers in the market. Because it creates demands in the society.
- Direct Effect on Profit, When the prices fall, it directly effects on the profits. Profit could be increase or vice-versa.
- Branding, Companies make prices strategies at the time of when they need to sell their old stocks and wants to introduce new products. it helps in branding of the company.
- Business Growth, Pricing strategy helps to grow the business. it provides sales to business which creates cash flow that help to extend the business.