FACTORS IN ARRIVING AT A PRICING STRATEGY Intelligent pricing is one of the most important elements of any successful business venture. Yet many entrepreneurs fail to educate themselves adequately about various pricing components and strategies before launching a business. Smart business owners will weigh many marketplace factors before setting...
Price
This story may be apocryphal, but it is valuable nonetheless. Pablo Picasso, the painter, was dining at a fancy restaurant in New York City. A fan, feeling prominent enough socially to introduce herself to Mr. Picasso, did precisely that. Standing by Picasso’s table, the socialite gushed how thrilled she...
Customers don’t buy products; they buy the benefits they get from the products. Customers don’t wake up in the morning and say, “I’ve got N10, 000. Let’s buy some bearings or drills or gaskets or glue or water pumps!” Rather, the customer has a problem (a.k.a. a need) and wants...
