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Customers of new balance can choose from a wide range of shoes kinds at varying pricing points, usually in three basic categories. This is an illustration of "good-better-best," which is management of the product line providing.
Define the good-better-best strategy?
A corporation may use the good-better-best pricing structure, a tiered pricing approach, to boost sales.
- When a business offers three distinct product or service packages, it is effective.
- Each option costs more than the previous one, but it also provides greater value, such as promotions or extra services.
- This pricing structure redirects customers' attention from cost to value by giving them the ability to contrast offers from the company rather than focusing on the products of competitors.
The following is a list of stages for developing this type of pricing structure:
- The services or goods you really want group together should be decided.
- Recognize the target market you wish to reach.
- Set the price ranges.
- Give the choices.
Thus, based on the superiority of the materials and shoe components, new balance provides a wide variety of shoe kinds to its consumers at different pricing ranges, often in three basic categories. "Good-better-best strategy" is used in this case to manage the product line providing.
To know more about the target market, here
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