Pricing strategy may change over time due to the changing direction of clearly formulated pricing objectives.
The most important pricing objective is to maximize a company's profitability either in the short term or the long term (preferably both). Pricing should also reflect the desire to retain customers, grow customer numbers, extend customer lifecycles, and outperform the competition.
The three pricing strategies are Growing, Skimming, and Following. Growth: Set low prices, keep most of the value in the hands of the customer, and squeeze margins out of the competition.
Examples of pricing goals include maximizing profits, increasing sales volume, matching competitors' prices, deterring competitors, or simply surviving. Each pricing target requires a different pricing strategy to successfully meet your business goals.
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