Pricing in the service industry

Title: Pricing in the service industry
Category: Business & Economy / Companies
Details: Words: 879 | Pages: 3.7 (approximately 235 words/page)

Pricing in the service industry

According to Mckinsey Company's consultants, the fastest and most effective way for a firm to achieve maximum profit is to get its price right (Marn and Rosiello, 1992). These consultants reported that a 1 percent price improvement generates an average of 11.1 percent increase in profits among the 2,462 companies they studied. Given the importance of price in generating revenues and profits for a company, the approach used by service firms in price setting has been relatively unsophisticated. In …showed first 75 words of 879 total…

You are viewing only a small portion of the paper. Please login or register to access the full copy.

…showed last 75 words of 879 total…Managing price, gaining profit", Harvard Business Review, 70, September-October, 84-94. Zeithaml, V., Parasuraman, A., Berry, L.L., 1985Journal of Marketing Beard, L.H., Hoyle, V.A., 1976, "Cost accounting proposal for an advertising agency", Management Accounting, 58, 38-40. Kotler, P., Bloom, P.N., 1984, Marketing Professional Services, Prentice-Hall, Englewood Cliffs, NJ. Hoffman, K.D., Bateson, J.E.G., 1997, Essentials of Services Marketing, The Dryden Press, Orlando, FL. Ratza, C.L., 1993, "A client-driven model for service pricing", Journal of Professional Services Marketing, 8, 2, 55-64.

Need a custom written paper?