Pricing Read this week’s required article: “How Companies Can Get Smart About Raising Prices”. In a...

Question

Pricing

Read this week’s required article: “How Companies Can Get Smart About Raising Prices”.

In a three- to four-page paper (not including the title and reference pages): Retrieved from the ProQuest database.

Explain how to successfully get customers to pay more for your products. Reference the article in support of your response.
Explain how a specific pricing strategy will allow you to raise the price on your product successfully.

The paper

Must be three to four double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center(Links to an external site.)Links to an external site..
Must include a separate title page with the following:

Title of paper
Student’s name
Course name and number
Instructor’s name
Date submitted

Must use at least three scholarly sources from the Ashford University Library, one of which must be peer reviewed, in addition to the textbook.
Must document all sources in APA style as outlined in the Ashford Writing Center.

Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center.

Soumi · Accepted Answer

Running Head: PRICING		1
PRICING 		4
Marketing Management
Pricing
Student’s Name: ___________________________
Course Name and Number: ___________________________
Instructor’s Name: ___________________________
Date Submitted: ___________________________
Table of Contents
Ways to convince customers successfully to pay more for products	3
Ways in which a specific pricing strategy would enhance the product price successfully	4
References	6
Ways to convince customers successfully to pay more for products 
The article by Ailawadi and Farris (2018) presents a very clear and strategic idea for companies that seek to increase their product prices, yet not lose their customers. It has mentioned that whenever a company plans to increase its product prices without any prior or justified notice, the customers are immediately get angry and shift their loyalty towards the competing companies, which have lesser priced similar products. However, as argued by Osterwalder, Pigneur, Bernarda and Smith (2014), if the customers are intimidated about the justified reason behind the price increment or the hike is supported with a better version of the product, then accepting the increase becomes a lot easier for them. 
In this context, the article presents some strategies, through which prices can also be increased by the companies for their products, as well as customers would also agree to buy those with their higher prices only. Firstly, offers, discounts and promotions should not be stopped by the company, if they want to increase the cost of any product. As supported by Porter and Heppelmann (2015), even if the price would be more; nevertheless, with the coupons of offers or discounts on them, the economical customers would not step back from buying them, whereas the premium customers would whatsoever buy them, with or without the offers. Thus,

Pricing Read this week’s required article: “How Companies Can Get Smart About Raising Prices”. In a three- to four-page paper (not including the title and reference pages): Retrieved from the ProQuest...

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