The term "pricing strategy" encompasses all the methods that a business owner uses to determine how much to charge for a product or service. No matter what you're selling, the price you set for your product or service can make or break your company's financial goals. Of course, the right price won't just come to you overnight.

Purpose of a Pricing Strategy:

Ø  A thorough pricing strategy is a must to get customers to buy, without sacrificing a great profit margin

Ø  Can help better meet customer expectations by putting reason behind higher or lower prices

o    The new strategy will create a repeatable process on how your target audience and competitors will react to your pricing decisions

Ø Paired with a great marketing strategy, your pricing strategy may even help transform the perceived value of your products or services in the long run

Examples of Pricing Strategy & Analysis

ALBA Consultants have created and managed the pricing strategy for an industrial manufacturer for decades. ALBA Consultants developed a massive pricing database to manage over 17,000 parts with multiple price codes. When prices needed to be raised, the new prices flowed seamlessly through multiple Excel tables to populate the new prices. The new prices were then uploaded into the company's database which then populated the eCommerce website.