Pricing Strategies
Chapter from the book:
Aykaç,
Ö.
S.
&
Yılmaz,
A.
(eds.)
2024.
Marketing and Retailing: Transformations of the Digital Age.
Synopsis
Pricing in retailing is a strategic element that influences consumer behavior and shapes the profitability of businesses. This text addresses the theoretical foundations and applications of pricing, emphasizing the importance of adapting to changing market conditions. Strategies such as dynamic, psychological and promotional pricing, as well as the role of data analytics and artificial intelligence in pricing strategies are discussed in detail. Consumer perception and price elasticity show how retailers can manage customer reactions when setting pricing strategies. Moreover, ethical pricing principles are critical for building a trusted brand image and long-term customer relationships. The main objective of pricing is to ensure customer loyalty and gain competitive advantage while increasing profitability. An effective pricing strategy requires optimizing data-driven decision-making processes using technological innovations and supporting sustainable growth.
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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
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Copyright (c) 2024 Ömer Sezai Aykaç, Aykut Yılmaz; Ömer Sezai Aykaç, Tarık Yolcu, Eda Kutlu, Merve Türkmen Barutçu, Hazel Mihriban Kaynar, Burçak Başak Yiğit, Aslıhan Yavuzalp Marangoz, Nazlı Pehlivan Yirci, Selcen Vodinalı, Seda Gökdemir Ekici, Didem Demir, Aykut Yılmaz, Faruk Dursun, Emre Yıldırım