Marketing section:

Pricing products & services

Pricing products or services

should be an integral part of your marketing strategy. Pricing too cheaply can have a detrimental effect on the perceived quality of your brand, let alone reduce profitability or threaten long-term viability. On the other hand, making the mistake of setting a price which is too high will ultimately lead to reduced demand and in turn, could cause product launch failure.

Just because it costs you a certain amount to produce a product doesn't mean that customers are prepared to pay X percent more (cost-plus mark-up) for your new product or service. Whilst in some sectors this may be perceived as an effective way to price products or services, or it may be a concept that your finance director or accountant recommends, it is not the most effective way of pricing products or services.

With the increase in transparency of pricing with the proliferation of the internet during the last 15 years, it has become more important for companies to be selective when

developing pricing models

for new products or services.

Developing a strong brand and improved profitability can be achieved through

determining optimum prices for your products or services

. This is true whether you are in the business of premium priced goods through selective distribution channels or in the business of supplying to 'pile it high, sell it cheap' markets.

Pricing

correctly minimises the ability of the competition to out manoeuvre you during or post-launch.

thinktank has significant experience in successfully setting prices for products and services in new and established markets. Contact thinktank marketing for further information now on +44 (0)161 234 0093.

What we do for you

Pricing of new products

can be affected by a significant number of factors including market conditions, product features, product benefits, competitor activity, plus a whole range of other factors which you may or may not have previously thought of.

A marketing consultant from thinktank marketing will provide you with a guide to pricing your products within new or existing markets, giving you the opportunity to maximise your return on investment and establish strong sales growth right from the start.

Contact thinktank marketing now by calling the Manchester-based team on +44 (0)161 234 0093.

Pricing of new services

can be affected by many influential factors including market conditions, product features, product benefits, competitor activity, plus a whole myriad of internal and external factors which at best, may be challenging to evaluate.

thinktank marketing will provide you with a guide to pricing your new or existing services, providing you an opportunity to maximise your return on investment and establish profitable sales growth right from the start.

Contact thinktank marketing now – call the Manchester team on +44 (0)161 234 0093.

Competitor pricing wars

You only have to turn on the TV to understand the concept of

war

, because there's always one going on in the world somewhere today. Whether you believe in the concept of war or you don't, the reality of human nature dictates that war is a fact of life for many people.

Although not as serious as warfare,

competitor pricing wars

are a reality too. And, unlike warfare, it is illegal to engage in holding talks with competitors on pricing or price war issues, as this would be seen as an attempt to fix prices in a particular market. Whether you're involved in a current

pricing war

or wish to develop defensive strategies against the competition, call thinktank marketing for further advice on +44 (0)161 234 0093.