Driving growth with new products: common pricing traps to avoid
Abstract
Purpose
The purpose of this article is to reveal several issues surrounding old style twentieth century pricing traps that need to be overcome in the twenty‐firt century global economy and expanding internet marketplace.
Design/methodology/approach
The information on which this article is based derives from the authors' experience and expertise advising and supporting companies of all sizes over many years. There is further evidence from surveys done by a professional association.
Findings
Pricing is vital component to revenue and profit success and needs to be a functional lever for every company.
Practical implications
Whether introducing new products/services or upgrades to existing products/services, better revenue/profit margins can be accomplished by establishing a viable and value‐based pricing strategy.
Original/value
Pricing strategy is an essential element for doing business successfully in the global marketplace.
Keywords
Citation
Hogan, J. and Lucke, T. (2006), "Driving growth with new products: common pricing traps to avoid", Journal of Business Strategy, Vol. 27 No. 1, pp. 54-58. https://doi.org/10.1108/02756660610640182
Publisher
:Emerald Group Publishing Limited
Copyright © 2006, Emerald Group Publishing Limited