Introduction
Market keeps bringing changing in every factor available at their store. They may increase the quality of their product or sometime may also decreases the supply of product. These fluctuations in the markets are also found in prices. New prices keep on generating according to the demand and supply of the product. There is suggestion for the supplier for their product to have the profit from the product along with cost recovery by new prices according to changing trend.
Step 1
• New prices generalized should not be marked up to the cost. As it has no benefit as customer is willing to pay the apices according to the market price, therefore try to implement the price having the profit margin of the product to get enough benefit from it that could recover al expenses from the new prices.
• The best way to capture the market is according to the demand set forward by the customer. When the customer demand increasing, one is a sure that what the new prices they enforce on their product will be acceptable by everyone and will get the profit in large margin.
Step 2
• before introducing new prices to the customer, organization should describe the qualities of their product and also advantages that customer will avails from suing their product. It will divert the attention of the customer toward their product and they will easily capture the market if their products are according to the description they presented in front of customer for the new prices originate.
Step 3
• Sometime generating new prices after providing discount to the customer that one consider to be the incentives for the customer actually devalue the product in customer in mind and he is willing to pay less amount in future therefore it is better to have the new prices according to the profit margin.
Features
• Business organization should not impose same new prices for different product because the needs of customer vary from each other and so the amount they are willing to pay for it.
• Provide different and attractive opportunity for the customer to buy the product so that he creates interest in buying the product according to the different schemes like leasing and many other that customer gets ready to use the product and check it out as it is reliable and suitable for him to have in the use.
Comments
• Well, customers are always attracted toward the product that is different and new for them in use and see. Therefore, business organization keep on bringing different and unique collection for the customer to increase the demand of their product in front of customer and to get more advantage from it. It should be in best quality, design, and color that could attract the attention and also be useful to have the future market.
• The product should b launched and introduced according to the original quality, one will always try to make the best one, which will in return help to have the customer in number and also will get publicity on its own among the people. This easiest way to increase the profit of the organization by generating more sales.
