Manufacturers face their own unique pricing challenges with ever-changing products and demand.
It's a real conundrum to accurately estimate a fair market value for manufactured products whilst at the same time managing to keep a close eye on the bottom-line. Just keeping the whole process ticking over can be an achievement in itself ; looking forward to a healthy profit at the end of a revised pricing process should provide momentum and be an added bonus in these difficult times.
Pricing is one of the four elements of the marketing mix, along with product, place and promotion. An effective pricing strategy is vital for companies who wish to achieve success by finding the price point where they can maximize sales and profits. Companies may use a variety of pricing strategies, depending on their own unique marketing goals and objectives – and also on which industry they represent.
Bet you thought that manufacturing in the UK was in the doldrums, at least in comparison with our glorious past? Well, think again. Nobody is denying that there have been some very tough times and the current situation with Tata Steel exemplifies what happens when a proud and once successful industry is fighting for survival. It's been a tough few weeks for the UK manufacturing sector and undeniably jobs are likely to go.