Brainstorming Ideas
Brainstorming Ideas to Improve Pricing
Presented below are the five steps to improve your pricing. In the following linked pages, we describe and illustrate each step and its subsidiary actions and explain how each improves profits.
- Identify Price Reduction Needs. Price defensively to counter the low prices of competition or price offensively to gain share with low prices. Examples >>
- Identify Opportunities to Raise Price. Raise prices where gains from sales to continuing customers are greater than the losses from customer attrition. Examples >>
- Determine the Increment of the Price Change. Fit your increments of price changes to your opportunities by seeing where similar price changes have occurred. Examples >>
- Adjust the Application of Price According to Your Market Outlook. Modify the application of price to accommodate a declining, or rising, price environment. Examples >>
- Change the Components of the Price. Use the five major potential components of price to achieve your optimal revenues. Examples >>
Basic Strategy Guide Users Go To: Step 24
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