Week Seven: Marketing Mix - Pricing Strategy

Week Seven: Marketing Mix – Pricing Strategy

by Nicholas Tart

I love ice cream! That’s a fact. And when I buy ice cream, it’s either Great Value Cake Batter or Ben & Jerry’s Half-Baked.

Great Value is about as cheap as it gets. I buy it because I eat a lot of ice cream and I’d like it to last. Plus, I can always add chocolate syrup, sprinkles, cookie dough, cinnamon sugar, honey or anything else on my ice cream.

Ben & Jerry’s, on the other hand, is about as expensive as it gets. I like to have a delicious tasting ice cream on special occasions, like taking a test or finishing a project. It’s my reward. I place a lot of value on that reward so I’m willing to spend a little more.

This week you’ll find out exactly how much your product or service is worth. Simply marking up your product or charging by the hour for your service will almost always leave money on the table. Learn how to value the products and services that your business provides.

Cost-Based Pricing

Market-Based Pricing

Example Company

Your Turn

P.S.

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