Economics Price Elasticity of Demand Formula: Avoid Messed Up Pricing🛢️
What is the economics price elasticity of demand formula? Is this formula messing up pricing decisions in businesses today? For example, just consider the influence that this famous business economics 101 chart still has on most business executives’ view of price and revenue management. Huge…
Cost Plus Pricing: How to Use Cost Based Pricing In Marketing 🌺
Cost-plus pricing or cost-based pricing – a fixed sum or a percentage of the total cost of creating a product is added to its selling price. In the pricing and revenue management community, the term cost-plus pricing has increasingly come to have a very negative…
Making a Strategic Plan for Business To Improve Your Pricing 🏉
Sometimes making a strategic plan for business to improve pricing can be difficult. Is the plan right or wrong? How do you know if prior to this point capability in pricing has been low? For example, you may have constructed a great business strategy and…
Factors Influencing Pricing Decisions: Is Your Pricing Manager Turning Into A Pricing Czar? 👨💼
Factors influencing pricing decisions are there to keep the manager from becoming the pricing dictator or Czar. Your pricing leader is supposed to be a crucial contributor to business pricing and product mix decisions. But things can go downhill rapidly when your pricing leader starts behaving…
How To Respond To Increasing Price Pressure 🛒
Making fully informed pricing decisions daily is by no means easy, especially when the business is faced with mounting price pressure from competitors and/or customers are demanding more discounts and rebates. When the economy is in a downturn, it is not uncommon to find, for…
