Generally speaking, pricing strategy is the process of evaluation and the decision to price any given product or service in a manner that would allow the maximum quantity of sales. The pricing strategy can shape based on many factors including objectives to penetrate general or specific markets, target particular budgets or geographic segments, pricing based on competition or lack of, as well as inflicting strategic pain on competitors. Nonetheless, the pricing strategy is and should be a part of overall marketing decisions as well as organizational long-term goals.
At World Consulting Group the concept of prestige pricing is utilized. According to the theory of prestige pricing, the goods and services that are either unique or virtually without competition may be priced at a premium price. At World Consulting Group we do not believe that we do not have significant competition but we sincerely believe that our services are very unique. Hence deploying prestige pricing has always been our philosophy.
Some of the reasoning beyond our selection of this particular methodology include: our rapid response time of four hours or less, continuous education of our associates, broad knowledge of our client industries, availability of executive decision makers to all our clients, pay per performance, no long term contracts, as well as our undisputed track record in vertical as well as horizontal markets are certainly major factors in our decision to use such methodology.
Equally, it is important to point out to potential fallouts of such a strategy. The basic assumptions and cultural understandings of price-conscious shopper is certainly the most visible argument. Yet it is not the greatest burden; even those price-conscious shoppers and decision-makers are virtually always reasonable and open to a slight increase in cost once they are confronted with comparing competitors and their respective results.
Ultimately, such a strategy may illustrate a rather difficult initial path, yet the efforts and respective impacts are well worth it. However, buyers are aware that not all prestige pricing is based on extensive time-tested practices. It is wise to examine why a particular organization is justified in implementing such a methodology.
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