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Pricing objectives involve specifying the role of price in an organization's marketing and strategic plans.
What are the marketing objectives for pricing?
The goals that direct how your company sets prices for your product or service are referred to as pricing objectives. Both new and existing customer pricing can and should follow these goals. The guidance provided by pricing objectives is essential for modifying prices over time to achieve your goals.
There are four types of pricing objectives:
- profit-oriented pricing,
- competitor-based pricing,
- market penetration and skimming.
This action is crucial since pricing is essential to a company's success in achieving its objectives. Defining pricing objectives entails describing the function of price in a company's marketing and strategic plans. The pricing purpose of the company, which may include profit, sales income, market share, unit volume, survival, or social responsibility, influences how much marketing managers charge for a product.
To know more about pricing objectives refer to: https://brainly.com/question/7494900
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