Post
Topic
Board Economics
Re: Pricing strategies
by
hyudien
on 09/06/2025, 10:51:38 UTC
You have a point about all the information you provided OP, and many businesses have collapsed due to the business owner knowing all this pricing strategy while some business owners that understand the pricing strategy don't know when to truly apply it to boost their business.
Having said that, when start a new business I believe using all the 3 strategies will help and the best strategy I believe it good to use for a start is the competition based pricing.
Yes many business people know the pricing strategy in theory but in practice most of them fail because they do not know when and how to apply it, those who mostly fail are not because of the wrong strategy but the wrong execution "not knowing the right timing" and it is true that in building a business from scratch, setting prices based on competition is a smart move, we are just starting out so with the current competition we must make sacrifices first to attract customers, it does not matter if the profits obtained are small because in the end when there are many customers then the small profits will become large and it must be remembered that the quality of service or products offered must always be good, that is also very important.