MGT211 GDB No.01 Solution 

total  marks  5 

Status

 Open

Question Title

GDB 01

Question Description

A product’s price is the value expected by its seller in exchange of a good to be sold or a service to be rendered. In the contemporary business world, pricing policy for a product is viewed as an attempt to maximize profit, enhancement in the market share, timely disposal of the stock, and gaining some psychological advantages over the competitors. Notably, pricing of a new product always differs from those of charging on existing products.

List down precisely the reasons that why does pricing of a new product differ from the existing product pricing?

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Answer:

“The price of existing produce is differ from the new product because the new protect come in

rate with new features and according to trend. Next the product becomes a target for

competitive encroachment. New competitors enter the field, and innovations narrow the gap of

distinctiveness between the product and its substitutes

4 major pricing strategies

1)Value-based

2) Competitor-based

3) cost plus

4) dynamic pricing


points  covered.

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