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Pricing

In: Marketing and Economics

Author

Listed:
  • Merlin Stone

Abstract

Pricing policies affect the performance of individual products and businesses and are also symptomatic of and may determine market structure. Economic analysis of pricing policy starts by analysing the effect of price on the quantity demanded (the price elasticity of demand). Because the quantity demanded is related to the quantity produced, and because unit costs may be affected by the quantity produced, price changes may lead to cost changes. Since most firms face competition of some kind, price changes on the part of one firm may provoke response from other firms, either in the form of of price changes or changes in other elements of the marketing mix. The net effect of a price change (taking into account cost changes and competitive interaction) is evaluated in terms of the firm’s business aims.

Suggested Citation

  • Merlin Stone, 1980. "Pricing," Palgrave Macmillan Books, in: Marketing and Economics, chapter 10, pages 118-131, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16426-4_10
    DOI: 10.1007/978-1-349-16426-4_10
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