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Pricing is the process whereby a business sets and displays the price at which it will sell its products and services and may be part of the business's marketing plan.In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of the product.
The practice is intended to exploit the (not necessarily justifiable) tendency for buyers to assume that expensive items enjoy an exceptional reputation, are more reliable or desirable, or represent exceptional quality and distinction. Moreover, a premium price may portray the meaning of better quality in the eyes of the consumer.
Business and management research is a systematic inquiry that helps to solve business problems and contributes to management knowledge. It Is an applied research. Four factors (Easterby-Smith, 2008) combine to make business and management a distinctive focus for research : Transdiscipline approach
Premium refers to a segment of a company's brands, products, or services that carry tangible or imaginary surplus value in the upper mid- to high price range. [ 2 ] [ 3 ] The practice is intended to exploit the tendency for buyers to assume that expensive items enjoy an exceptional reputation or represent exceptional quality and distinction.
Quality Management Software is a category of technologies used by organizations to manage the delivery of high-quality products. Solutions range in functionality, however, with the use of automation capabilities, they typically have components for managing internal and external risk, compliance, and the quality of processes and products.
In such ways, the subjectivity of quality is rendered objective via operational definitions and measured with metrics such as proxy measures. In a general manner, quality in business consists of "producing a good or service that conforms [to the specification of the client] the first time, in the right quantity, and at the right time". [3]
Garvin anticipated that the features of quality which he delineated would provide a business management vocabulary intended to support the use of quality as a strategic planning tool. Garvin, who died on 30 April 2017, [ 2 ] was posthumously honored with the prestigious award for 'Outstanding Contribution to the Case Method ' on 4 March 2018.
In general business, price analysis is the process of evaluating a proposed price independent of cost and profit. [1] [2] Price analysis began in 1939 when economist Andrew Court decided to analyze prices to better understand the environmental factors that influence this practice. [3]