pricing objective

Definition

A goal that guides a business in setting the cost of a product or service to potential consumers. A pricing objective underlies the pricing process for a product, and it should reflect a company's marketing, financial, strategic and product goals, as well as consumer price expectations and the levels of available stock and production resources. Some examples of pricing objectives include maximizing short run profits, increasing sales volume, matching competitors' prices, encouraging smaller competitors to change industries, or meeting target rates of return. Each pricing objective requires a different price-setting strategy in order to successfully achieve business goals.

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