Strategic Pricing

Strategic pricing is the deliberate setting of product or service prices to achieve specific business goals, such as maximizing profit, gaining market share, or positioning a brand. It involves analyzing factors like cost, competition, customer willingness to pay, and market conditions to determine the most effective price point. Rather than simply covering costs, strategic pricing considers long-term objectives and how pricing influences customer perceptions and behavior. This approach helps businesses stay competitive, optimize revenue, and build a strong market position by aligning prices with overall strategic plans.