If you plan to put up a business in the future, what would it be and what pricing strategies (3 or more) will you use and why?
Answer (1)
Cost-plus pricing: This strategy involves calculating the cost of producing your product or service and then adding a markup to determine the selling price. This is a simple and straightforward strategy, but it can be difficult to accurately estimate your costs.Value-based pricing: This strategy focuses on the value that your product or service provides to customers. You set your price based on what customers are willing to pay for the benefits they receive. This can be a more profitable strategy, but it can be difficult to determine the true value of your product or service.Competitive pricing: This strategy involves setting your prices based on the prices of your competitors. This can be a good strategy if you are entering a competitive market, but it can also lead to price wars.
