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Pricing strategy is to set the price of a product. Price is set considering the following aspect
- Prevailing rate of similar product in industry
- Cost of profit
- Profit margin
- How to place the product in market as leader / follower / competitor.
- What is target market
- Who is going to be the actual buyer - adult / kid / student / aged person
after considering these factors price is set.
By the pricing strategy you have to focus first the kind of buyers and the actual value of the product in the market. Then you have to set the profit after the cost of the product (there you have to add bank charges, storage cost and overhead)
Thanks
Totally agree with answer given by Colleague vaseem
I agree with the given answers by my colleagues.
Pricing strategy in marketing is the pursuit of identifying the optimum price for a product. This strategy is combined with the other marketing principles known as the four P's (product, place, price, and promotion), market demand, product characteristics, competition, and economic patterns
