BMGT 350 Chapter 9: Chapter 9.docx

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: Whitney

Document Summary

Major pricing strategies: customer perceptions of the products value set the price ceiling and the costs set the floor, set price between these too and consider external and internal factors like competitors pricing, overall marketing mix, nature of the market and demand. Good value pricing: many companies have changed pricing approaches to bring them in line with economy ans consumer price perceptions, good value prcing offering the right combo of quality and good service at a fair price, this often means introducing less expensive versions of established brand names like the dollar menu, when you ask customers what is value they say brand names for less, good value pricing has involved redesigning existing brands to offer more quality for a given price or the same quality for less, aldi supermarket does every day low pricing edlp which is a good type of good value based pricing.