Pricing Strategies for Small Businesses with Respect to Product Life Cycle

Abstract

Price is a critical component for any business and can be crucial in the survival of the business. If the price is not set in line with the selected target market, it can negatively impact on the product and the company’s profitability. The main goals of any profit-seeking organization is to make a profit, and in order to achieve this goal, all areas related to the management of the product, costs and the setting of the price need to be managed correctly. Price strategies are visible in the market, whereas price‐setting practices are hidden behind the boundaries of an organization. This article discovers price strategies adopted by small businesses with respect to pricing strategies.