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Pricing StrategiesPricing strategies

In: Total Revenue Management (TRM)

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  • Marc Helmold

    (IUBH International University)

Abstract

A price is the amount of money charged for a product or service over a period or a specific point of time. It is the sum of all the values that consumers give up in order to gain the benefits of having or using a product or service (Kotler and Armstrong 2018). In business, a price is determined by what the customer or buyer is willing to pay and what the seller or maker is willing to accept (Clancy 2015). The price will define a quantity and number of products or services that are provided on the market. There are several pricing strategies as shown in Fig. 4.1. Any pricing strategy is relevant to certain aspects:

Suggested Citation

  • Marc Helmold, 2020. "Pricing StrategiesPricing strategies," Management for Professionals, in: Total Revenue Management (TRM), chapter 4, pages 43-59, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-46985-6_4
    DOI: 10.1007/978-3-030-46985-6_4
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