Are you applying best practices in your pricing?

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Self-Assessment

Benefit

The benefit derived from using a feature of a product or service. For example, "child-lock" is a feature of medicine bottle caps. The function of the "child-lock" is that it is designed to lock the bottle cap and keep it from opening unless rotated in a particular manner. The benefit of the "child-lock" is risk prevention; it keeps children from accidentally consuming hazardous medication.

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Brand equity

A value premium that a company is able to capture from its offering as a result of its name recognitions in comparison to that of a generic equivalent. Brand equity has four components: brand loyalty, brand awareness, brand associations, and perceived quality.

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Buying process

The steps a customer takes in order to make a purchase decision. The customer buying process may include: a recognition of a problem or need, information search, evaluation of alternatives, purchase decision, purchase and post-purchase evaluation.

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