Identifying the optimal price for a new product is a critical step in the innovation process and correcting the price of an existing product is a necessary component of a successful enterprise. With the wide range of pricing research techniques practiced in the SME Sector, it is not always clear which technique best addresses the business issue at hand. This article analyzes the most common methods used for consumer goods pricing research and offers guidelines on the best methods presently implemented in the SME sector in India. This article helps describe how pricing methods can best be used to address particular pricing issues based on the level of competition needed to be considered and the depth of pricing knowledge needed. It leads to the conclusive remarks that how pricing methods are diversified for different business organizations in their own way compatible to the peculiar objective of an organization.
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