Hi, need to submit a 2000 words essay on the topic The Useful Tool.Download file to see previous pages Similarly, competitors should also be taken into notice when setting up prices i.e. a product whi

Hi, need to submit a 2000 words essay on the topic The Useful Tool.

Similarly, competitors should also be taken into notice when setting up prices i.e. a product which has the same quality but higher price than its competitor’s product then it would not be preferred by the market segments. Products of higher quality should be specified higher prices than other products of lower quality. This helps the organization to attract more customers towards it and the benefit that the customers want to buy the best thing increases the revenue of the organization. A lot of products being sold by the organization are sold at a much-reduced price than buying the separate products. This type of pricing is known as ‘bundle pricing’. Moreover, at times the organization place the prices of the products $1 less than the significant figure which also helps them to attract customer towards it. This type of pricing is known as the psychological pricing. Lastly, the organization tends to sell additional products with the original products and specify an exact price for both of these products. This gives them an edge over other competitors which only offer the desired product without any additional one. This type of pricing is known to be ‘optional pricing’. All these pricing together help the organizations to develop pricing strategies according to the structure of the market. Furthermore, the products being sold at the market are usually attracted by the exact prices they are being sold at. And the organizations should have a particular interest in this approach to the marketing mix.