Pricing strategy
In today's competitive market, the right pricing strategy is crucial to a company's success. There are different pricing methods, such as cost, competitive or value-based. Choosing the right method depends on a number of factors, such as the type of product, competition in the market, customer expectations and the company's objectives. One popular strategy is market penetration, which involves introducing a product with a low price to attract customers and increase market share. In the opposite case, the company may use a higher price strategy to focus on the added value of the product and emphasise its exclusivity.