HOW HAS PRICING CHANGED OVER THESE YEARS??

 

HOW HAS PRICING CHANGED OVER THESE YEARS

what is price? price simply means what you pay for a commodity, in other terms, it is another facet of marketing that the consumer would take into account while making his purchases
but in the modern digitised era of today, this definition seems to have undergone a major overhaul, the discussion on pricing has shifted from the point of purchase to the point of consideration, to throw light to this fact, -in the earlier times, when people would feel the need to buy something , they would make their way to the nearby grocery store ,inquire about the availability of the product, decide on the price, and the commodity would be brought home
but in today’s era, price precedes product , they first check for the lowest price or the price that seems feasible to them and then they come to the decision of buying that product
price seems to have subdued other elements of marketing mix, it is moment of truth , when all the other marketing elements come into focus
technology has brought to light breakthrough innovations , with the inception of digital tools, various price comparison apps have come into play, you can actually look for the lowest prices for your product on this applications
this somehow has ended the price disparity, previously the sellers would take advantage of the distorted information about the price and exploit the consumers by charging exorbitantly high rates, such kind of discrimination has ended
these digital tools have brought more clarity on this crucial aspect of marketing, you get the access to the price of your product at all e commerce websites just on one single web page, many pricing apps also provide the pricing details at brick and mortar shops in your area,
no one could have ever imagined in their dreams that this element could in itself became a business idea and churn out millions
if I define pricing today , i would say pricing has three different aspects, the most important of them is the competitive pricing, wherein big blue chip companies decide their price on the premises as to what their competitor would fix for their product, for example- Pepsi and coco- cola
the second one would be the cost pricing which we are already well versed with selling the commodity at the break even point
the third is something that aims to captivate the benefits of localisation and consumer behaviour, that is, value pricing, a bottle of Pepsi at a magnanimous football event would definitely cost higher than one that is sold at 20 km away from the event
Thus pricing is no more a trivial issue, it is the most important aspects of marketing and this is just the beginning you never hoe dramatic the future of pricing in the world could be.

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