Online Pricing Strategies: Implications for Luxury Consumers

For most products, price is the marketing variable customers react to more than any other. While this may be less so for luxury products, marketers of luxury brands still have to set a price. Most managers emphasize costs and competition when setting price. However, the third component of price, customer value or what a customer is willing to pay, is considered less often and is, in fact, much more important than costs and competition for luxury...