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            | Topic: | Business | 
        
            | Number of pages / Number of words: | 6 / 1659 | 
                
    
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At the same time, the consumer is not going to pay more than he or she feels the product is worth. Sometimes the roles of each issue are reversed. In the case of a new product or technology, customers are willing to pay a higher price to acquire the item if the item increases their worth or the worth of their own product...
        
        
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Three pricing strategies can be used once the customer base has been identified. Competitive pricing will be selling the product at the lowest price when compared to the competitors. Cost plus profit pricing is determining price based on a calculation of how much the company needs to show in profits in addition to the cost of production...
        
        
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