Pricing: Strategies that Every Venture Should Take into Account

10.2478/bjlp-2022-002150

Abstract

Pricing in a business venture must be an analytical decision based on study and knowledge of the various factors that influence or affect the price. This article establishes a state-of-the-art methodology that aims to compile, analyze, interpret and systematize the different theories and research on the subject, focusing on each of the elements proposed to define a pricing policy. Six factors that influence pricing and account for various strategies that can be used by businesses to achieve and fulfill their goals and market demands are proposed from the analysis of the literature. It is concluded that there is no way to determine whether one strategy is more important than another. Although some authors place more emphasis on elements such as the marketing mix and cost-based pricing, all of them agree on the importance of studying several factors to set the selling price of a product or service. From the findings, several guiding elements are established, which are flexible with respect to various business models and are relevant in terms of applicability for ventures to remain in the market in the long term.