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Pricing is the process whereby a business sets and displays the price at which it will sell its products and services and may be part of the business's marketing plan.In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of the product.
Priceline.com, an online travel agency offered a name your own price option. However, by 2005, Priceline began to de-emphasize this system, [10] and added published price options on its websites. [9] A 2014 academic study showed that posted prices can guarantee higher profitability to service providers than the name-your-own-price mechanism. [11]
Premium pricing (also called image pricing or prestige pricing) is the practice of keeping the price of one of the products or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price. [1]
Cost-plus pricing is the most basic method of pricing. A store will simply charge consumers the cost required to produce a product plus a predetermined amount of profit. Cost-plus pricing is simple to execute, but it only considers internal information when setting the price and does not factor in external influencers like market reactions, the weather, or changes in consumer va
Wedding photography is a specialty in photography that is primarily focused on the photography of events and activities relating to weddings. It may include other types of portrait photography of the couple before the official wedding day, such as a pre-wedding engagement session, in which the photographs are later used for the couple's wedding ...
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