Pricing Strategies for Small Businesses – Dynamic Pricing

Dynamic pricing has become popular with businesses in the digitized world of today. It’s especially true for business that use the internet to advertise and sell their products or services to internet users. For that reason, dynamic pricing is particularly applicable with eCommerce…

Continue reading Pricing Strategies for Small Businesses – Dynamic Pricing

Pricing Strategies for Small Businesses – Competitive Pricing

The competitive pricing strategy is by definition a strategy that considers what happens outside the perimeters of a business. It is more sophisticated than the Cost-Plus Pricing Strategy that was discussed in an earlier post.

Indeed, competitive pricing decisions involve significant market risks and managerial attention 1. So, if your business does not have the structure and culture to keep an eye on what is happening in the market for your product, you’ll probably have no sales or have lots of sales, but at a loss!

Let’s look a bit deeper at the practice of competitive pricing…

 

Continue reading Pricing Strategies for Small Businesses – Competitive Pricing

The Challenge with the Pricing of Products or Services

Pricing of products or services may have a huge impact on your business’s bottom line and its brand value. Indeed, price is the only element of the marketing mix that brings revenue and not costs. Even more, price is the element of the marketing mix that is the easiest and fastest to change 1.

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. ... Price: refers to the value that is put for a product. (https://economictimes.indiatimes.com/definition/marketing-mix)

Continue reading The Challenge with the Pricing of Products or Services

An Icon Department Store Closes its Doors in South Africa

[simple-author-box]

Another department store has lost its battle to stay open. “The end of Stuttafords: After 159 years, ‘Harrods of South Africa’ shuts shop” screams a headline in The Sunday Times.  Wow, so after almost 160 years of guts and glory, Stuttafords has decided to throw in the towel.

What a shame, some of us would think. However, think again. Most people probably didn’t even notice that they are gone… and that’s maybe the reason why they are gone…

Continue reading An Icon Department Store Closes its Doors in South Africa