200 Words Differentiate Pricing Strategy Setting Price Getting Give Example Q34307484

In 200 words or more Differentiate pricing strategysetting from price getting. Give an example

Expert Answer

Price setting is the basic strategy in fixing the price of aparticular product or service provided by the company. The finalfigure is arrived after carefully analyzing the different costsinvolved in the making of product, position of the company/productin the market – whether they are the only provider or already othercompetitors are in the market. It also takes into account the“profit margin” the company aims to achieve. The pricing is one ofthe important strategic decisions for a company as the customerswill consider price as a key