What Are Price Determinants; what are the factors affecting Price Determination of your products or services?
What are Price Determinants?
Price Determinantsare the free market forces of demand and supply to establish general level of price for good or service.
What is the importance of Price Determinants?
Many organization, individuals and specially marketers are determining the price of their products or services based on the expected profit from the market, monitoring competitors’ price and pricing their products accordingly, releasing a lower priced product or service which is similar to a high competitor product or service. All of these examples results from immature understanding of the
Price Determinants; because if you don’t know what are the factors affecting your price determination, then it’s better for you to release a product which serve the world of aliens!!
From the above diagram, you can understand that there are Six Factors affecting your products
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3.8. Product Life Cycle:
- What are Product Life Cycle Stages?
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3.9. B.C.G. Matrix:
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3.10. G.E. Matrix:
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4. Promotion (Marketing Communications):
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