Golden Class: Vigilant Business Pricing

Pricing is very important to any firm because it is the only one in the marketing mix that guarantee income, revenue and profit rather than creating cost. Failure to understand the dynamics of pricing will create a big problem for any business.

Top management must have input in pricing, all factors in pricing need to be taken into consideration both internal and external factors, price discrimination and price sensitivity must be taken care off. It is important for companies to use pricing strategies carefully to have competitive edge .