Export Pricing
Strategic pricing is one of the most important factors in achieving financial success in export business. Following factors need to be considered while setting export price:
Currency exchange rates;
Market research and credit checks;
Receivables/risk insurance;
Business travel;
International postage, cable and telephone rates;
Commissions, training charges and other expenses on foreign staff;
Consultants and freight forwarders; and
Product or service modification and special packaging.
There are several pricing strategies available to an exporter depending upon the nature of economy and their per capita income.
Static Pricing - Charging the same price to all customers.
Flexible Pricing - Adjusting prices for different types of customers.
Full Cost Pricing - Covering both fixed and variable costs of the product.
Marginal Cost - Covering only the variable costs of production.
Penetration Pricing — keeping price low to attract more customers, discourage competitors and gain a quick market share.
Market Skimming — pricing the product high to make optimum profit among high-end consumers while there is little competition.
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