Week 14

This week we covered pricing decisions. What stuck out to me most about this weeks lecture and chapter was how companies come up with the pricing for a product. It is amazing to me that only 15% of companies do any price research. In the chapter it explains that if a company comes up with a value-based pricing structure for their products, then they are more customer driven. This is the way of the future; a customer needs to know that their needs and wants are being taken into consideration. If a company asks the customers what they would pay for a product, then they will come up with a much better idea of what the product is worth to the customer.