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The main objective of a pricing strategy in a market economy is to maximize profits with the planned sales volume (McLaney & Atrill, 2020). To determine the price in the strategies like Full Cost Pricing, Target Pricing, Cost Plus Pricing, the production costs are first calculated. Then the amount received is increased by percentage for a profit margin. Mark up cost should cover overhead costs, taxes and customs duties. After, the number, including the price of all units produced should be divided by the number of units you expect to sell.
In my perspective, pricing skills is vital for me as a manager and an entrepreneur.
Having the right knowledge of pricing know-how, marketing execution, project planning and change management I will be able to sell, lead, and deliver pricing transformation initiatives within my organization. My personal development plan will include a goal to get familiar with pricing tools including the price waterfall, price dispersion, customer & product net pocket price, price-volume trends, etc. on practice; these can all be achieved by getting training course online.