Generally speaking, pricing strategy is the process of evaluation and the decision to price any given product or services 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 market, target particular budgets or geographic segment, pricing based on competition or lack of, as well as inflecting strategic pain on competitors. Nonetheless, the pricing strategy is and should be a part of overall marketing decision 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 maybe 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 the prestige pricing has always been our philosophy.
Some of the reasoning beyond our selection of this particular methodology includes: 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 fall outs of such 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 those that are reasonable and open to slight increase in cost once they are confronted with comparison of competitors and their respective results.
Ultimately, such strategy may illustrate a rather difficult initial path, yet the efforts and respective impacts are well worth it. However, buyer be aware: not all prestige pricing is based on such extensive time tested practices. It is wise to examine why a particular organization is justified to implement such methodology.
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