A Field Guide to Pricing Research

Description

As the only element of the marketing mix that directly affects business revenue, price is a very important part of marketers’ decision making. Despite this, pricing strategies decisions are often based not on evidence, but on intuition—in other words, a strategy at the lowest level of the Pricing Pyramid. However, market integration, increased competition and deregulation of various industries means that marketers can no longer afford to make decisions based on mere guesses. Pricing decisions must be strategic and based on hard information about the organization‘s consumers and business customers, competitors and the environment of its target market.