What is Pocket Price?
Pocket price is a type of pricing strategy that allows businesses to set prices that are lower than traditional prices, while still covering their costs and making a profit. This type of pricing is often used to attract customers and increase sales volume.
Benefits of Pocket Price
Pocket price offers a number of benefits to businesses:
- Increased sales volume: Pocket price encourages customers to purchase a larger volume of products, which can help businesses increase their sales and profits.
- More competitive pricing: Pocket price allows businesses to compete more effectively with their competitors, as they can offer lower prices than their competitors.
- Reduced costs: Pocket price helps businesses reduce their costs, as they don’t have to cover the full cost of the product.
Examples of Pocket Price
There are a number of different types of pocket price strategies that businesses can use. Some of the most common examples include:
- Discount Pricing: This involves providing customers with a discounted price on certain products, such as bulk purchases or seasonal items.
- Price Bundling: This involves offering multiple products at a discounted price when they are purchased together.
- Loss Leader Pricing: This involves setting prices for certain products below their cost in order to attract customers and increase sales volume.
Pocket price can be a great way for businesses to attract customers and increase sales volume. However, it is important to make sure that the prices are still covering the costs of the products and making a profit.
Conclusion
Pocket price is a type of pricing strategy that allows businesses to set prices that are lower than traditional prices, while still covering their costs and making a profit. This type of pricing is often used to attract customers and increase sales volume, and there are a number of different types of pocket price strategies that businesses can use.