Answer to Question #314167 in Marketing for prinka

Question

A videographer specializing in weddings currently charges $2,000 to shoot a wedding. She has been shooting weddings for over twenty years and has now booked some well-known clientele. Which two pricing strategies would be most strategic for this videographer and why? What other pricing recommendations would you make to this videographer?

Answer 1

Since the videographer is a very experienced person with celebrity-status clientele, she can command a premium in the market. Also, the nature of the business is cyclical and seasonal in nature. Thus the recommended pricing strategy for her is PRESTIGE PRICING & DYNAMIC PRICING to maximize her profit.

Other pricing recommendations: If the clients are willing to explore other offerings as well, it is better to pitch with bundle offers and charge them on the Bundle Pricing option as well.