In the Setting Price: Part 1 Tutorial we saw how marketers begin the process for setting an initial price for their product. However, for most marketers additional pricing decisions are still needed. In Part 2 of our Setting Price tutorial we continue our discussion of the five-step price setting process by looking at steps 3 through 5. Our coverage will include different price adjustments marketers make before settling on a final selling price. It will also examine different payment options and other issues that may affect pricing.
As noted in Part 1, not all marketers will follow this step-by-step approach. In fact, as we will see many marketers may choose to bypass steps 3 and 4 altogether. However, the majority of marketers will indeed go through all steps, thus marketers should have a good understanding of the options available.