SHOP PRICING STRATEGIES š«
- Pricing is the make or break factor for the profitability & sustainability of the business. ā PERIMETERS THAT LEADS TO THE RIGHT PRICING. ā¢ Competitors analysis ā¢ Your track record ā¢ Your brand value ā¢ Value for money š° for customer ā PRICING.
- Charm pricing - price is 100ksh but you write 99ksh. This makes customers think your price is cheaper.
- Artificial time constraints - this offer is available for today only.
- Innumeracy - get 50% if you buy two.
- Price appearance psychology - design of pricing. Make it attractive.
- Flat rate bias - making customer think that price will not change soon. NB: in business we do to make profit not lose. Remember don't over or under charge. @ Hassan following this the pricing will be easier & will attract more customers hence making profit š°š°šš
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