Page 79 - Msingi Afrika Magazine Issue 21

Economy

believe all the P’s are very important many different pricing strategies therefore you need to constantly
but more attention should be direct- one might choose to follow be it stay on your feet upping your game
ed at price for it is the one that any penetration that is selling at a low and closing all your gaps this is with
form of business should be mainly price or skimming that translates to regards to your SWOT analysis.
interested in since it dictates the targeting the crème de la crème of
kind of profit or returns that you the society. Either way, you have to That said, have tactics to mitigate
will get in the long term. choose which pricing strategy best the impact of your weaknesses and
befit your product or service. In the threats if you wish to continue op-
Price same vein, it should be competitive erating in this dynamic fast changing
Without any shadow of doubt, price after all in the business world you do world. Some claim the price denotes
is a very fundamental component in not live in a vacuum. Quite frankly, the value of the product or service
business operations. As an entrepre- at all times you need to constantly but ultimately the value is subjective
neur you might not be well versed be aware or be wary of your com- to what exactly the customer will
in marketing so you will need to petitors for their next move since be looking for in any given prod-
source out expertise that will guide in the corporate world, dog eat dog. uct. Interestingly, the pricing factor
you accordingly. Indeed, there are In fact, nothing ever stays the same should be adequately set because

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