Question

What factors will impact the pricing strategy? How these factors can impact to the company in 4.0 era?

Answer 1

The pricing decisions for a product are affected by internal and external factors.

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Answer 2

Explanation:

There are many factors to consider when pricing an item. Ultimately, however, the price will depend on the product, market and the competition. Setting the wrong price for a product can adversely affect your business and result in unsold inventory. Technology plays a critical role in everything from manufacturing to the sale of the final product, and you should, therefore, weigh technological factors when pricing a product.

Manufacturing

Technology also plays an important role in manufacturing, and this role also impacts the pricing of the product. Technology can improve the manufacturing process, inventory control and automation. By considering the savings and costs of these technological advances, you can determine an appropriate price for the product based on the actual manufactured cost.

Pricing

The price you establish for a product can also affect the demand for the product. Therefore, set prices only after careful analysis. How you price the product will also determine how your business markets the product and to whom you should market the product to. You can use advanced technologies such as computerized pricing models to help your business gauge the demand of a product and set the optimum sale price.