Coding and Theme Analysis Assignment
Definitely, at times, we have to grapple on whether to set prices that are a little lower than those of our competitors so as to win customers on our side1. However, there are also occasions where the cost of operations does not allow us to set such prices and we have to make it at a level similar or above or competitors. This enables us to both sustain the business and at the same time reap some revenue from it2. Nonetheless, in this case, our company products may get illuminated as customers have many options to turn to. Turning back to your question, indeed a good section of customers have a perception that products with low prices have subsequently low quality. So this instigates us to be careful not to set very low prices for our products. Otherwise, we will lose both the capacity to sustain ourselves as well as the image of our products and company in general3.Coding and Theme Analysis Assignment
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Interview Transcript Sample
3Low Quality Perception
Is there a time you felt that your pricing strategy was influencing the customers purchase decisions?
From our experience, it is quite clear that a companys pricing strategy has a significant influence on a customer perception regarding product or service offering. This opinion aligns well with the research findings by Agwu and Dudu (2014). According to this study, customers have a perception of value which is manifested in prices of a businesss products or services1. The study went on to note that the price of competitors had a significant effect on the purchase of entities products, and that, the pricing strategy impacts and affects the consumers purchase decisions. This has resonated well with the experiences of our business2.Coding and Theme Analysis Assignment
1Influential Pricing Strategy
2Price as Value Determinant
What overrides your pricing decisions? Is it the need to outwit your competitors or to satisfy your customers needs?
As I sad earlier, our pricing has to take various factors into consideration. For instance, while we must ensure that our prices are competitive such that customers will see the need to turn to us, we also need to consider that the business obtains reasonable returns1. This implies that the prices are not too high or too low2.
Agwu, E., Dudu, O. (2014). A review of the Effect of Pricing Strategies on the Purchase of
Consumer Goods. International Journal of Research in Management, Science & Technology (E-ISSN: (2), (2), 2321-3264
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