Historical data provides the industry with various useful information such as the increase in the demand of the product, increase in the selling price of the product by the company, the prices of the major competitors of the company in the industry. It provides all the past information along with the relationship of the demand and supply of the product and the changes made on the prices of the product due to change in demand of the product.
Price point modelling basically states that the price of the product should be changed with the change in the demand of the product. Whenever there is increase in the demand of the product, there shall be increase in the price of the product keeping in mind the pricing policies of the competitors.
The historical and Price point modelling provides all the useful insight to the management of the company which can be used to determine the future pricing policies of the product. It helps to be updated with the latest trends of the market.
Pros of this approach
1) It helps the company to analyze the trend of the customer demand.
2) The management focuses more on the needs of the customer.
3) The management focuses on the customer relationships.
4) The management may provide some offers to the customers. Thus increasing the customer base.
5) It helps in increasing customer loyalty.
Cons of this approach
1) the company has to keep in mind the pricing policies of the competitors.As the competitors may reduce their prices drastically so as to snatch our customer base.
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