On the Importance of Pricing Strategy in Marketing Strategy

A Case Study of Lululemon

Abstract

This paper investigates the significance of pricing strategies within the scope of marketing strategies. Emphasizing its central role, the research delineates various types of pricing strategies, exploring how they can differ based on industry applications. By employing a literature review and case study methodology, we analyze the challenges faced by businesses when implementing pricing strategies, along with the potential future trends in this domain. The conclusion accentuates that, in an increasingly competitive market, businesses need to effectively craft and constantly optimize their pricing strategies in alignment with consumer behaviors, regulatory constraints, data-driven challenges, and considerations for sustainability and social responsibility. As personalization, dynamic pricing, transparency, and fairness become prevalent, businesses are offered opportunities and challenges that necessitate strategic evolution for sustained competitiveness.