Challenges in Pet Food Pricing
The price of pet food products can ultimately determine the brands success or failure. Unfortunately, many companies set prices based on under cutting others or copying their competitors and this leads to major losses for these companies.
When pricing pet food products we must consider not only costs and market conditions, but we also must consider the perishability of our product and the marketing strategy we wish to adopt.
The cost problem of pet food is due to quality ingredients being expensive and additional expenses that human food does not have. For example, pet food often include a return policy, giving conusmers the opportunity to return the food if the pet doesn’t eat or like it. Price can also determine whether a product is seen as premium or quality pet food. PriceBeam’s has experience in helping pet food brand retailers set their optimal price for their products.