Repricing Meaning: Definition, Examples, and Translations
๐ต
repricing
[หriหหpraษชsษชล ]
Definition
business strategy
Repricing refers to the process of adjusting the prices of goods or services to reflect changes in the market or business conditions. This can occur due to various factors such as competition, supply chain changes, or shifts in consumer demand. Repricing strategies are crucial for maintaining profitability and competitiveness in the market. It can involve increasing or decreasing prices and can be applied to a single product or a range of products.
Synonyms
price adjustment, price change, price modification.
Examples of usage
- The company is considering a repricing strategy to boost sales.
- Repricing will help us remain competitive against our rivals.
- Due to increased costs, the business had no choice but to engage in repricing.
- The repricing initiative resulted in a 15% increase in profit margins.
Translations
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Interesting Facts
Economics
- Repricing is a strategic tool for businesses, enabling them to respond to market changes and competitor actions.
- Frequent repricing can lead to customer confusion but may also enhance sales if done effectively.
- It is common during sales events or in response to changes in supply and demand.
Technology
- Modern software tools allow businesses to automate repricing strategies based on real-time market data.
- Web-based platforms use algorithms to adjust prices dynamically, improving profitability and competitiveness.
- These technologies are especially prevalent in e-commerce, where price adjustments can be made almost instantaneously.
Pop Culture
- Repricing is often highlighted in competitive retail scenarios, such as Black Friday sales or major promotional nights.
- Movies and shows about business frequently depict the drama surrounding price changes as critical moments in company strategies.
- Social media influencers discuss repricing strategies in the context of savvy shopping or entrepreneurship.
Psychology
- Changes in pricing can significantly impact consumer perception, altering how they feel about value and quality.
- Marketers study the psychology behind pricing: for example, how ending a price with '.99' can subtly encourage purchases.
- Repricing can affect loyalty; frequent price changes might make customers feel insecure about the value of their past purchases.
Origin of 'repricing'
Main points about word origin
- The prefix 're-' means to do something again, while 'pricing' comes from the act of assigning a value to something.
- This term emerged in business contexts during the late 20th century alongside growing market competition.
- Originally, prices were often fixed, but the practice of changing them evolved with dynamic market conditions.
The term 'repricing' is derived from the prefix 're-' meaning 'again' and the word 'pricing', which comes from the Old French 'priser' meaning 'to prize or to value'. The usage of 'price' in a commercial context has been traced back to the 14th century. Over time, with the evolution of commerce and economic theories, the concept of repricing gained importance. In modern business practices, especially with the rise of digital commerce and competition, repricing has become an essential strategy for retailers and service providers. As businesses strive to maximize profits and market share, the practice of repricing has evolved into sophisticated algorithms and strategies that dynamically adjust prices in real-time based on various factors.