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How do you go about pricing your products or services?
In Microeconomics I've been taught the general supply/demand law and how pricing lower than your competitors increases the demand for your products.
But I guess this is only true for commodities and not differentiable products & services.
Dan Kennedy in his "Pricing Strategy" book explains how pricing low might 1. Decrease your potential profits and, 2. Create a "low-quality" image of your brand.
What do you think about all this?
I'm deep into cognitive dissonance right now.
In Microeconomics I've been taught the general supply/demand law and how pricing lower than your competitors increases the demand for your products.
But I guess this is only true for commodities and not differentiable products & services.
Dan Kennedy in his "Pricing Strategy" book explains how pricing low might 1. Decrease your potential profits and, 2. Create a "low-quality" image of your brand.
What do you think about all this?
I'm deep into cognitive dissonance right now.
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