A Hands on Video Guide on Implementing Price Optimization in Excel and how to use elasticity of demand and Excel Solver to estimate demand.
- Price is one of the Key Components (4Ps) of Marketing Mix. A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company’s pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy.
- Pricing strategies and tactics vary from company to company, and also differ across countries, cultures, industries and over time, with the maturing of industries and markets and changes in wider economic conditions.
Learn how to Optimise Price and Find Elasticity of Demand using Solver in Excel
- Pricing strategies determine the price companies set for their products. The price can be set to maximise profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market.
- Pricing strategies can bring both competitive advantages and disadvantages to its firm and often dictate the success or failure of a business; thus, it is crucial to choose the right strategy.
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