Pricing and Globalization Strategies
Choosing the right pricing for products allows maximization of profit margins. While deciding pricing objectives it is necessary to consider are gross financial, marketing including the strategic company objectives. The objectives of products and the brand objectives; Considerations of the consumer price elasticities and the price points including available resources must also be considered.
Contrary to popular beliefs, pricing strategies are not always concerned with the profit margins. For instance, the cost of goods or services can be set at low price levels for maintaining the hold over market shares and preventing competitors in attempts to encroach on existing territories. In these instances sacrifice of profit margins must be made for focusing on a competitive pricing strategy. However although it might be needed for the business, it could also cripple a company. While pricing a product it is necessary to remember that customers will not purchase a product with a price which is too high, but the business will not be covering expenses when the prices are kept too low.
For a new business website, it is important to generate leads which are more qualified. For measuring lead increases it is necessary to set rates of % increases which accounts for the monthly fluctuations in traffic and allows a meaningful historical comparison. Increases in numbers of qualified lead every month by 20% will help decision-makers to monitor revenue increases efficiently.
Secondly by improving Lead Conversion Rates will help in measuring the ability of the website in capturing visitor-information and converting them into prospects which are measured by a % of the website visitors that become prospects. This goal helps measure the changes in traffic-quality needed for determining realistic %increases. A strategic goal can be to increase website conversion rates by 5% having the same amounts of traffic.
The third factor can be measuring the improved sales Conversion Rates which measures the ability of the website to convert website visitors into customers and is measured as the % of the visitors of the websi