The Approach to pricing – “Good-Better-Best”
A single price is more of an offering ultimatum to the customers rather than the product and services. It regulates a sense in the customer that the brand is forcing them to either buy it at this price or forgo it. This approach is certainly not good for the business as the customer is driven automatically to the brand offering choices in prices at convenience. A brand shall be able to determine the features and add-ons, its customers will value on specific prices. The entire idea is to be the envelope covering the major demands of the customer of all price-segment. It is quite essential to locate and evaluate different customer tiers and render a way for them to compare each option that you are offering. Many brands are practicing methods of pricing to pull in all targeted segments of the product. One such pricing strategy is Good-Better-Best pricing , and believe it or not, good-better-best pricing is around you already everywhere. This strategy is much “ price-focused ” and off