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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.
Sales price variance can be considered favorable or unfavorable. A product sold at a price higher than the previously predicted price is considered favorable sales price variance, whereas selling for a lower price than expected is considered unfavorable sales price variance. [3]
There is not an ease of access for customers to reach other sources of similar products or services. There is no set or standard price that exists in the surrounding market. There is a high and growing demand in the market for the product/service. Customer loyalty is not a priority. [6]
Pricing designed to have a positive psychological impact. For example, there are often benefits to selling a product at $3.95 or $3.99, rather than $4.00. If the price of a product is $100 and the company prices it at $99, then it is using the psychological technique of just-below pricing.
They expected services and raw material prices to increase 5.3%, and forecast their labor and benefit costs rising 3.5%. Profit margins, which fell slightly in the second and third quarters were ...
Yield management (YM) [4] has become part of mainstream business theory and practice over the last fifteen to twenty years. Whether an emerging discipline or a new management science (it has been called both), yield management is a set of yield maximization strategies and tactics to improve the profitability of certain businesses.
Price-based selling is a specific selling technique in which a business exclusively reduces their price in attempt to close the sales cycle. Price-based selling clearly exists in businesses such as: commodity sales, auto sales, hospitality, and even some retail stores.
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