https://padlet.com/nle33/hb6pwp3mvpxu Jot down at least 1 pricing strategy that you are using in your business Explain why you’ve chose it and how it helped you to be more efficient financially. en-us 2019-02-07 19:27:37 UTC 2021-07-11 11:38:01 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Shakinghands.png https://padlet.com/nle33/hb6pwp3mvpxu/wish/343318402 Isabella - consumer based pricing, because it's good to know what prices your customers are willing to pay for your product. That way you pretty much have guaranteed customers.  ]]> 2019-03-20 13:40:01 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343318402 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343318936 Anastacia: I am using consumer based pricing because there are similar, but not identical business ideas to mine. I want to make sure that I have a price where I can still make money, but also make sure my prices are at a good place to where others don't sell their products for a lot less than me. ]]> 2019-03-20 13:40:54 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343318936 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343319614 Ashley - I am using cost-plus pricing because at the moment, I do not have lots of resources to use. This will provide a constant return rate without as much of the risk. For just starting the business, this will work best for me at the moment. It will help me to be more financially efficient since there is little risk with constant reward. ]]> 2019-03-20 13:41:56 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343319614 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343319790 bosco- I am using consumer based pricing because it takes into account the most important part of  a business- its costumers.]]> 2019-03-20 13:42:13 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343319790 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320140 Aman - In my business, I'm using Competition-Based Pricing because I believe it will increase financial efficiency i.e. by setting prices similar to those of competitors, it will ensure that I'm not overpricing or underpricing, allowing for me to generate more revenue as compared to the other strategies (which are more risky). ]]> 2019-03-20 13:42:47 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320140 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320392 Sherry Competition - based pricing. For my business idea, it would help me to compare the prices other firms put, and chose a price among that range. To set a good price can attract more consumers and make profit with lower risk

]]> 2019-03-20 13:43:13 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320392 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320421 Simran - I'm using consumer based pricing because my business is greatly based on customer feedback and through that feedback I have an idea of how much they're willing to pay.]]> 2019-03-20 13:43:17 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320421 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320437 Omar - I will/have used Competition-based pricing because it takes into account what consumers are willing to pay for a product/service. It also takes into account how much it costs other companies to make the product or service. This makes sure that the price will be one that would be accepted in the market without much risk. 

]]> 2019-03-20 13:43:19 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320437 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320557 Alex - I would use the Cost-Plus Pricing Strategy, as my product is a relatively new idea with little competition, and in addition to this, basing my price off how much it cost would be the most beneficial for me in order to make money.]]> 2019-03-20 13:43:31 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320557 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320612 Hung - Consumer based pricing. To know how much the consumers are willing to pay and analyze datas to develop products. This will let me know how valuable the products are and help me to price the products correctly]]> 2019-03-20 13:43:37 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343320612 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321061 Ryan: Consumer based pricing since my product is heavily customized to the customer. This means that having prices based on what my clients are willing to pay will allow me to customize each product, and sell more. It will also help me decide on what to sell based on what makes more income.]]> 2019-03-20 13:44:18 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321061 jpereira11 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321235 Julia- Consumer based pricing. I'm using this strategy because my product really is to target a SPECIFIC group of people that are not handed the privilege to use this product easily, so it's important to take into consideration what they're willing to pay in order base my prices off with this product. ]]> 2019-03-20 13:44:33 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321235 jpereira11 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321287 2019-03-20 13:44:37 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321287 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321500 Trisha - In my business I am using consumer based pricing because I have to determine how much each customer is willing to pay for my food and then price it based on this information. I have to do this because as a restaurant, I have many many competitors so I couldn't do Competition Based Pricing 

]]> 2019-03-20 13:44:54 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321500 dnaveed https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321810 I am using consumer based pricing as my target audience is young adults/adolescents so I need to make the app affordable for these students. It allows me to develop quality relevant to my audience.]]> 2019-03-20 13:45:26 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343321810 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343322073 Murad- competition based pricing: because my business will utilize working on its own, and will not focus as much on the costumers. Science the product is only allowed to be in special hands, there will be no need to change the price to fit the costumer. Rather make it appealing to the costumers by making the product cheeper or making the product attractive and made properly.   ]]> 2019-03-20 13:45:48 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343322073 jrivera111 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343322119 I will be using Competition based pricing primarily, I think this would be most financially efficient because this seems to be the easiest way for my business to be able to top our competition while still making a profit at a lower risk for the company.]]> 2019-03-20 13:45:50 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343322119 https://padlet.com/nle33/hb6pwp3mvpxu/wish/343322321 Jaylen- In my business I'm using consumer based pricing due to my product being all about the consumers feedback and how they can help them, My product doesn't have many competitors that have the same virtual components and it's a new idea so I'm looking forward to the consumers feedback.]]> 2019-03-20 13:46:10 UTC https://padlet.com/nle33/hb6pwp3mvpxu/wish/343322321