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Pricing Strategies for In elasticity

Usually corporations use the price elasticity of demand for goods and services to decide or choose pricing policies. Cost elasticity point to the sensitivity of clientele to the fluctuation in pricing, this then affects the volume sold, revenues and earnings. The best pricing policies make the most of earnings by charging precisely what the marketplace will allow. Director will possibly modify their pricing plan depending on changes in the competitive surroundings and in customer demand. This would be shown on the demand curve, which is a two-dimensional graph of price on the vertical y-axis versus quantity on the horizontal x-axis. (Basu, 2011) For this microwavable food company I think pricing leadership should be used. The price for this product is inelastic and it is a leader in the low calorie meals arena. Finding the best price will maximize profits. If the price is too much, the company may discover a competitor is willing to lower their price just to try and steal consumers. On the other hand, if it is too low, it could possibly not cover the cost of production or associated costs of business. At any time a price is increased, it decreases consumer demand. Price is delicate task and under pricing in the hope cause the demand to go up can cause problems. These problems include: pricing too low below your competitor will cause a very low profit margins; secondly if you product is not well known and the price is low there may be seen as defective or cheap and consumer may not buy the product. This is an inelastic product so a price above our nearest competitors price and then there will be discounts given as coupons. This will get more consumers to try the low calorie microwavable food. This way the company will be lower the price without lowering the price permanently. (Miller, 2012)

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