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Value-based price, also called value-optimized pricing or charging what the market will bear, is a market-driven pricing strategy which sets the price of a good or service according to its perceived or estimated value. [1]
Value-based pricing is a fundamental business activity and is the process of developing product strategies and pricing them properly to establish the product within the market. This is a key concept for a relatively new product within the market, because without the correct price, there would be no sale.
Pricing is not always seen as a strategic process. Greg Cudahy of Accenture observed in 2007 that for some businesses, "pricing is the last bastion of gut feel". [1] Where pricing is strategic, marketers develop an overall pricing strategy which is consistent with the organization's mission and values.
The Price Sensitivity Meter (PSM) is a market technique for determining consumer price preferences. It was introduced in 1976 by Dutch economist Peter van Westendorp . The technique has been used by a wide variety of researchers in the market research industry.
In other words, it is equal to the absolute value of the first derivative of quantity with respect to price multiplied by the point's price (P) divided by its quantity (Q d). [21] However, the point elasticity can be computed only if the formula for the demand function , Q d = f ( P ) {\displaystyle Q_{d}=f(P)} , is known so its derivative with ...
Dynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing, and variable pricing, is a revenue management pricing strategy in which businesses set flexible prices for products or services based on current market demands. It usually entails raising prices during periods of peak demand and lowering prices during ...