Question

What are four pricing decisions/strategies that could potentially be made for a startup shoe company?

Answer 1

Staring a shoe company is much profitable but much crucial because large number of competitors and multinational brands. Shoes are lifestyle products and much fast moving with changing models and designs. Products should have quality and forcing customers to pay more.

These are the four pricing decisions that helping much for a startup shoe company-

1. Economy pricing decision- Economy pricing strategy will be helpful in growing stage of shoe startup business and will generate a satisfactory customer base and market share. Initial business support will be possible for company so that maximum reach cab be possible.
2. Membership based pricing - As the business is new and customers never experience our products so we need to follow unique strategy that creates a loyal customers base those are routine purchasers. Company should offer dynamic discount to the existing members so that brand building possible.
3. Penetration pricing decision - While introducing our products we must attract the customer’s base and acquire the market share by offering attractive discount on the products.
4. Premium pricing decision – We must have unique and premium products that force the customers to pay more and surplus for customers.