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Jackie has been selling gold rings for $50 each. her cost for the rings was $25. she learns that another store on the other side of the mall sells gold rings for $40. what information should jackie consider before deciding if she should change her price?

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rahulsharma789888

When adjusting the price of an established product, Jackie should have knowledge of the pricing considerations and strategies

What are the different types of pricing strategies?

There are 4 types of pricing strategies as follows :

  • Premium pricing strategy
  • Skimming pricing strategy
  • Value pricing strategy
  • Penetration pricing strategy.

In the aforesaid scenario, Jackie will employ a value pricing approach, in which he will reduce the product's cost in order to attract buyers, hence increasing the product's perceived worth.

Thus,

Pricing strategies information should be considered before introducing any changes in the price of the product.

Learn more about Pricing:

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