Which are the 3 pillars of pricing decision? Place, Product and Price Customer, Competitor and Company Perfect market, physical evidence, and promotion None of the above
Question
Which are the 3 pillars of pricing decision? Place, Product and Price Customer, Competitor and Company Perfect market, physical evidence, and promotion None of the above
Solution
The three pillars of pricing decision are Customer, Competitor, and Company.
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Customer: Understanding the customer's willingness to pay is crucial. This involves understanding the value that customers place on a product or service.
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Competitor: Pricing decisions should also take into account the prices set by competitors. If the price is too high compared to competitors, customers may choose their products or services instead.
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Company: The company's own costs and financial goals also play a role in pricing decisions. The price must be set at a level that covers costs and allows for a reasonable profit.
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