This block adjusts the SYMSON price such that it is between the lower and upper bound prices that have been supplied by the user.
One tool for your whole company. Free for teams to try.
This block adjusts the SYMSON price such that it is between the lower and upper bound prices that have been supplied by the user.
The upper bound price is imported by user. The lower bound price can be imported by the user or generated in SYMSON.
Use Price within bounds along with a competitor pricing strategy to ensure that your prices remain competitive and don’t stray too far out of the accepted range for your specific market.
Elasticity refers to how sensitive customer demand is to changes in price. Using price elasticity, SYMSON can recommend an optimized price. By defining a range, you ensure that you do not lose demand by pricing too high.
Customer loyalty is largely dependent on consistency and stability. You can apply pricing within bounds to specific customer groups and channels to maintain this stability.
Customers often associate certain price ranges with specific levels of quality, features, or benefits. For example, a make-up brand has to be careful not to let their prices fall too low, even if it is more competitive, as this could cause the perception that their brand is low quality. If they price too high, they may alienate their current customer base and find it hard to have a cohesive brand image. SYMSON can be used to set these upper and lower bounds to make sure prices don’t rise or fall beyond these thresholds.
A retail store selling shoes sells a of selection of mid-range brands of shoes. They find that €15 is the lowest they can price their shoes in order to maintain a profit margin and cover overhead costs. They also notice through sales history stored in SYMSON, that demand sharply drops if shoes are priced over €60. Therefore when setting their pricing strategies they set €15 as the lower bound and €60 as the upper bound price for all shoes within their catalogue.
This refers to the practice of setting a specific range in which prices can fluctuate. This range can be as wide or narrow as deemed to be appropriate for the type of product, industry, or region. An example of pricing within bounds could be a grocery store making sure the price of bread does not exceed €2.50 and does not fall below €1.30.
HOW TO USE PRICING WITHIN BOUNDS
This is one of the smart business rules employed within SYMSON. When setting up a price strategy, this rule limits the movement of prices above what customers are willing to pay, thus maintaining demand. At the same time, it also limits the price from falling below the minimum margin requirement, preventing you from selling the product at loss.
Use Price within bounds along with a competitor pricing strategy to ensure that your prices remain competitive and don’t stray too far out of the accepted range for your specific market.
Elasticity refers to how sensitive customer demand is to changes in price. Using price elasticity, SYMSON can recommend an optimized price. By defining a range, you ensure that you do not lose demand by pricing too high.
One tool for your whole company. Free for teams to try.
This refers to the practice of setting a specific range in which prices can fluctuate. This range can be as wide or narrow as deemed to be appropriate for the type of product, industry, or region. An example of pricing within bounds could be a grocery store making sure the price of bread does not exceed €2.50 and does not fall below €1.30.
HOW TO USE PRICING WITHIN BOUNDS
This is one of the smart business rules employed within SYMSON. When setting up a price strategy, this rule limits the movement of prices above what customers are willing to pay, thus maintaining demand. At the same time, it also limits the price from falling below the minimum margin requirement, preventing you from selling the product at loss.
SYMSON’s versatile pricing engine allows you to apply business rules like Price within bounds with other pricing strategies and/or across different product groups.
Pricing within Bounds for a Make up Brand
Customers often associate certain price ranges with specific levels of quality, features, or benefits. For example, a make-up brand has to be careful not to let their prices fall too low, even if it is more competitive, as this could cause the perception that their brand is low quality. If they price too high, they may alienate their current customer base and find it hard to have a cohesive brand image. SYMSON can be used to set these upper and lower bounds to make sure prices don’t rise or fall beyond these thresholds.
Pricing within Bounds for a Shoe Store
A retail store selling shoes sells a of selection of mid-range brands of shoes. They find that €15 is the lowest they can price their shoes in order to maintain a profit margin and cover overhead costs. They also notice through sales history stored in SYMSON, that demand sharply drops if shoes are priced over €60. Therefore when setting their pricing strategies they set €15 as the lower bound and €60 as the upper bound price for all shoes within their catalogue.
This block adjusts the SYMSON price such that it is between the lower and upper bound prices that have been supplied by the user.
The upper bound price is imported by user. The lower bound price can be imported by the user or generated in SYMSON.
Use Price within bounds along with a competitor pricing strategy to ensure that your prices remain competitive and don’t stray too far out of the accepted range for your specific market.
Elasticity refers to how sensitive customer demand is to changes in price. Using price elasticity, SYMSON can recommend an optimized price. By defining a range, you ensure that you do not lose demand by pricing too high.
Customer loyalty is largely dependent on consistency and stability. You can apply pricing within bounds to specific customer groups and channels to maintain this stability.
Customers often associate certain price ranges with specific levels of quality, features, or benefits. For example, a make-up brand has to be careful not to let their prices fall too low, even if it is more competitive, as this could cause the perception that their brand is low quality. If they price too high, they may alienate their current customer base and find it hard to have a cohesive brand image. SYMSON can be used to set these upper and lower bounds to make sure prices don’t rise or fall beyond these thresholds.
A retail store selling shoes sells a of selection of mid-range brands of shoes. They find that €15 is the lowest they can price their shoes in order to maintain a profit margin and cover overhead costs. They also notice through sales history stored in SYMSON, that demand sharply drops if shoes are priced over €60. Therefore when setting their pricing strategies they set €15 as the lower bound and €60 as the upper bound price for all shoes within their catalogue.
