Pricing strategy involves determining the optimal price point that balances profitability with customer perception and market demand. You must consider factors such as production costs, competitor pricing, perceived value, and customer willingness to pay when setting prices for your offerings.
For example, if you are a software startup developing a productivity app, you might employ a value-based pricing strategy where the price is determined by the perceived value of the solution to the customer. You could analyse the time and cost savings your app provides compared to alternative solutions and price accordingly to reflect that value proposition.
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