Settling Pricing Strategy for Lexon's MS Dynamics Nav Product

by

TABLE OF CONTENTS

ANALYSIS OF PRICING STRATEGIES FOR LEXON UK2

Introduction2

Analysis of different pricing strategies2

Cost Based Pricing Strategy2

Value Based Pricing Strategy3

Competitive Pricing Strategy4

Optional Product Pricing Strategy4

Penetration Pricing Strategy5

Premium Pricing Strategy6

Skim Pricing Strategy6

Most Suitable Pricing Strategy for Lexon UK7

METHODOLOGY8

Mixed Research8

Classification of research methods8

Multi-method studies9

Mixed method studies9

Steps in mixed methodology9

Strength and weakness of the mixed research:10

Strengths10

Weaknesses11

Reliability11

Research Validity11

Credibility12

Ethical Considerations12

CONCLUSION AND RECOMMENDATIONS14

Cost information needed in Pricing15

REFERENCES17

EXECUTIVE SUMMARY

In today's competitive market every business is needed to apply effective strategies to gain good market position. This report is addressing such an important business strategies for the company who want to make successful entry in UK's ERP software market. This project is undertaken for Lexon UK, it is a mid-size organization in UK which is mainly dealing in pharmaceutical business. This company manages its business using Microsoft Dynamics ERP Product. It has an in-house staff for ERP system and with the help of this staff, the company wants to start a new business in the field of MS Dynamics Nav based ERP system. To initiate this new business, the company wants to build pricing strategy and marketing research on ERP Market for their MS Dynamics NAV Product. The project duration is was of 4 months for settling pricing strategy and from this research activity, this company aims at building a positioning for MS Dynamics Nav. product support and services in the field of ERP market. This report is generated for Lexon UK who want to build new business in the field of ERP software. So this report suggest to Lexon UK which and how different pricing strategy can be suitable for the company as well as report address analysis on company capability to assess Lexon UK's position in UK's competitive market. A mixed methodology has been used, in order to generate the most authentic results for this study. Over all, this study tries to evaluate the most effective pricing strategy for Lexon's MS Dynamics Nav product.

ANALYSIS OF PRICING STRATEGIES FOR LEXON UK

Introduction

Choosing a target price for Lexon UK, the company will have to determine the pricing strategy. This will help us when the time comes to price their products a reality. To achieve the price targets, many pricing strategies have to be applied to a product after its creation. Some strategies are available for working with specific objectives, so that the company must ensure that you have taken the time to choose a target. Careful selection of target prices should lead to appropriate strategies. In addition, various pricing strategies can be used at different times, to adapt to changes in marketing strategy, market and product life cycle. Below are several pricing strategies that may be suitable for Lexon UK MS product navigation ERP.

Analysis of different pricing strategies

Cost Based Pricing Strategy

Cost and price should be related in an obvious way, however, include a different set of solutions. In business, different locations can be defined as the price, but do not always reflect the price. An important area that we should avoid the cost ...