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Key MBA Models by Dr. Julian Birkinshaw, Ken Mark

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17

Pricing strategies: dynamic pricing

Your pricing strategy is the choice you make about how much to charge customers for your product or service. It is a key element of the marketing mix, and it needs to be consistent with all the other elements of the mix (product, place, promotion) to ensure that the product/service has the best chance of success in a competitive marketplace.

Dynamic pricing is a specific pricing strategy that allows you to change your prices rapidly in response to variations in demand.

When to use it

  • To decide how much to charge for a new product or service.
  • To understand the pricing choices made by your competitors.
  • To identify opportunities to make additional profits for your firm.
  • To adapt your prices in response ...

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