Pricing Strategies - JSS1 Agricultural science Lesson Note

Determining the right pricing strategy is crucial for the success of agricultural products in the market.

1. Cost-Based Pricing: Setting prices based on production costs ensures a minimum profit margin.

2. Market-Oriented Pricing: Aligning prices with market trends and competitor pricing to remain competitive.

3. Value-Based Pricing: Setting prices based on the perceived value of the product to the consumer.

4. Promotional Pricing: Offering temporary price reductions or discounts to stimulate sales.

5. Dynamic Pricing: Adjusting prices based on factors such as seasonality, demand, or external market conditions.