The Pricing Objectives and Constraints
A company’s pricing objectives outline strategies and direction to achieve organizational goals. Pricing is a vital element in the market mix; a product’s pricing objective must be stated, and the company’s statements should include a defined timeline for achieving the set objective. A firm should consider various factors when setting pricing objectives, for instance, a firm should consider the overall financial, marketing, and management goals. The product’s objectives should be identified to ensure the pricing strategy matches the set targets. The consumer satisfaction is a vital element in any organization; the price elasticity and various price points should be reviewed ...
