From the course: International Marketing Foundations
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Pricing: The impact of currency changes
From the course: International Marketing Foundations
Pricing: The impact of currency changes
- As you expand internationally, determining your pricing strategy and end user price point require a little math. So factoring in the expenses other than just the product price is an important step to ensure you're setting your price properly. Those expenses typically include shipping and transportation as well as extra tariffs, duties, and taxes. Finally, paying attention to the exchange rate between the currency in your home market and in the new country is a critical step. You can find the latest exchange rates online using any one of the currency converter sites. Keep in mind, you may want to use different pricing strategies when you enter new markets. In some instances, you may choose to take a lower net margin by going into a market at a lower price in order to gain market share or reach a price point that will trigger demand in lower income economies. In some situations, that added volume from a low price market…
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