Pricing strategies Business & Marketing Essay Paper (Essay Sample)

Pricing strategies
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Pricing strategies
In a business-to-customer environment, the setting of pricing and indeed getting it right or wrong can result in very dramatic consequences on the sales, and so is to profits. Precisely, arriving at the right prices to charge products and services have all along proved to be a tricky venture (Kienzler & Kowalkowski, 2017). A pricing strategy, a method used to price products or services, should not only be an informed and calculated move but also effective. Since many factors contribute to consumer's final choice, both small and large companies, rely on effective strategies of pricing to align themselves for sales-success. The case is no different in fast-food restaurant chains. As such, this paper will uncover Wendy's menu and pricing approaches/strategies while still unfolding the possible challenges encountered in developing an effective pricing mechanism. 
In the current tough-old-world, pricing challenges are inevitable considering the uncertainty in the markets as well as the dynamic nature of consumers all over the globe. First and most, understanding the market and its reaction to prices can be a headache. Companies find themselves in fix of not understanding the market well (Kienzler & Kowalkowski, 2017). For instance, Wendy's was well known for hamburgers; however, it's after market-research that they realized the market/consumers had a good taste for chicken beverages and desserts. As such, it's advisable of them, investors/marketers/company owners to scan and determine what customers perceive as the best value. Most importantly, being aware of what the customers expect to pay for a particular product or service go a long way in solving this challenge.