More 2 Marketing Podcast - Expert advice on marketing, product and all things business How do you price a product. What is product economics
What is involved in pricing a product? The basics of product economics In this podcast, we discuss the importance of product economics and pricing strategies in marketing. They explained that pricing involves a comprehensive analysis of costs, including variable costs and break-even points, as well as market research to determine customer willingness to pay. The conversation highlighted pricing strategies such as cost-plus pricing, value-based pricing, psychological pricing, dynamic pricing, competitive pricing, and the freemium model. Susan defined product economics as the financial health of a product or service, including customer lifetime value and customer acquisition costs. The conversation emphasised the significance of these concepts for business decision-making and achieving profitability.
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