LONDON--(BUSINESS WIRE)--Infiniti Research, a leading market intelligence solutions provider, has recently announced the completion of their latest article on reasons why businesses must update their product pricing strategies. In this article, the experts at Infiniti Research unveil 4 major reasons why businesses must leverage new product pricing strategies. This article also highlights how Infiniti’s solutions can help businesses efficiently tackle pricing issues.
In today’s competitive marketplace, competitively pricing products and services are extremely challenging for businesses. However, a company’s inability to accurately price their products and services can hinder their overall growth. Therefore, it becomes vital for businesses to continually monitor market changes and revamp their pricing strategies. In this article, Infiniti’s market intelligence experts highlight four major reasons why businesses may need to update their pricing strategies.
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Why businesses must leverage new product pricing strategies
Company’s lack of accurate competitive pricing data
Businesses must constantly monitor their competitors’ pricing strategies and make changes in their business plans accordingly. In today’s competitive marketplace, companies that lack accurate competitive pricing data can be left behind. In this context, it becomes imperative for businesses to revamp their pricing strategies to meet market demand.
Inability to understand price elasticity
With different products and services having distinct price elasticities, businesses must take into consideration the price elasticities while pricing their products and services. Also, it’s high time for companies to leave behind traditional pricing models and leverage new product pricing strategies. New product pricing strategies help businesses to competitively price their products in accordance with the market demand.
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Inability of value-based pricing strategy model
Today, with major companies focusing on pricing their products in relation to their values, companies that lack a value-based pricing strategy may lose sales and market share to competitors. Therefore, companies must leverage new product pricing strategies to efficiently price their products. Furthermore, it becomes imperative for businesses to focus more on understanding customers’ perspective of value and price accordingly.
Employing an overly simplified new product pricing model
To gain a leading edge in today’s competitive marketplace, businesses must cease employing traditional manual data collection method which solely relies on the cost of production. Businesses must employ new product pricing models, that takes into consideration seasonal fluctuations, competitors’ strategies, and product value.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us