Factors Affecting Pricing Decisions: A Qualitative Review

Abstract

This study examines the factors affecting pricing decisions and how consumers are being affected by those decisions, which can eventually generate revenue for a business and have been given much importance for so many years. This chapter discusses the factors affecting pricing decisions along with the appropriate way of choosing a pricing strategy and price competition in different market structures, which can eventually bring a business towards success by helping to generate more sales and making a solid customer base by looking at the different perspective of pricing as well as a nature of the products to set pricing strategies accordingly. The study also focuses on the different pricing models for different businesses or industries. It deeply explains the price in all aspects of the business & provided deep insight into the concept of price from the economic concept to the marketing element, which can help a marketer to choose appropriate pricing strategies set according to the nature of the business.