Product development does not just happen, it has to be planned. Dynamic firms plan their innovations for five to ten years in advance. They have a definite idea of exactly what product developments they want and what new product they will need to cater to the demands of their customers. Experience has proved that those firms which are most successful [...]
Some of the factors affecting price determination are: 1. Product Cost 2. The Utility and Demand 3. Extent of Competition in the Market 4. Government and Legal Regulations 5. Pricing Objectives 6. Marketing Methods Used and a Few Others. Factors Affecting Price Determination Factors Affecting Price Determination – 6 Factors Fixation of price is an important exercise for every firm. [...]
The three major categories of methods used to establish product prices are cost-oriented pricing, competition-oriented pricing, and demand-oriented pricing. A retailer may use one or a combination of the methods. The most common is cost-oriented pricing. A number of methods are prevailed for determination of the products price. Price is the only element of the marketing mix that produces revenue; [...]