Question 1

Pricing strategically has become essential to the success of business, reflecting the rise of

global competition, the increase in information available to customers, and the accelerating

pace of change in the products and services available in most markets. The simple, traditional

models of cost-driven, customer-driven, or sharedriven pricing can no longer sustain a

profitable business in today's dynamic and open markets.

Based on the above statements, explain the STRATEGIC PRICING PYRAMID that contains

the five key elements of strategic pricing