👉 Price engineering is a strategic business practice where companies adjust the prices of their products or services to maximize revenue and profit margins. This involves analyzing various factors such as production costs, market demand, competitor pricing, and customer willingness to pay. By manipulating prices—through methods like dynamic pricing, bundling, or tiered pricing—businesses can capture more value from their offerings. For instance, a company might lower prices temporarily to attract customers and increase market share, then raise prices once the customer base is established. Conversely, they might increase prices for premium products or services to reflect their higher value proposition. Effective price engineering requires a deep understanding of the market and customer behavior, as well as the ability to implement pricing strategies that align with overall business goals.
