MANAGEMENT

Detailed explanation-1: -Dynamic or Flexible Pricing This approach is similar to time based pricing, in that supply and demand are inherent in the price setting equation. Dynamic pricing can also take into consideration a range of other variables such as changing market characteristics and/ or large amounts of customer data.

Detailed explanation-2: -There are many different pricing strategies, but Competitive Pricing, Cost-plus Pricing, Markup Pricing and Demand Pricing are four common methods for small business owners to use.

Detailed explanation-3: -A value-based pricing method determines prices based on the value that consumers place on and their willingness to pay for the product in question as compared to other alternative products available to them.

Detailed explanation-4: -What Is Value-Based Pricing? Value-based pricing is a strategy of setting prices primarily based on a consumer’s perceived value of a product or service. Value-based pricing is customer-focused, meaning companies base their pricing on how much the customer believes a product is worth.