When should you consider changing your pricing strategy?
Changing your pricing strategy might be necessary in several situations:
1. Market Changes: If there are significant shifts in the market, such as new competitors or changes in customer demand. 2. Cost Changes: If the cost of production or raw materials changes significantly. 3. Product Lifecycle: Different stages of the product lifecycle (introduction, growth, maturity, decline) may require different pricing strategies. 4. Business Goals: If your business goals change, such as shifting focus from market penetration to profitability.