Premium Pricing Strategies: Attracting and Retaining High-Value Customers
A well-defined pricing strategy is essential for business success, impacting market competitiveness, consumer perceptions, and financial performance. Key models include cost-plus, value-based, and competitive pricing, each suiting different market dynamics. Premium pricing attracts quality-conscious, loyal customers, boosting brand reputation and long-term revenue. Effective communication and market research are critical in implementing higher pricing strategies.