When to Use Cost-Plus Pricing

Explore the key advantages of cost-plus pricing for businesses. This article outlines why this pricing method is considered simple, flexible, and effective in ensuring profitability, as well as its usefulness for businesses with large product lines.

Why are Reference Prices Important?

Reference prices are an important concept in marketing. Reference prices are the expected and acceptable price range that a consumer will pay for a particular product and/or brand. If a product is priced well above or well below the expected price range, then the consumer is unlikely to see value in the product and is unlikely to purchase