What You Need to Know About Price Bundling Strategy

Price bundling is a pricing strategy where companies including towing service leesburg va package separate products or services together then offer them at a single, and typically reduced price. Bundle pricing is essentially common across different industries, especially those in retail. It involves having multiple products offered as a package at a price that is lower than the sum of purchasing each item individually. Take an example where when you want Microsoft Products, instead of getting PowerPoint along, you get a full office that comes with other applications such as Excel, Outlook, Word, among others, all included in a one-time purchase.

A bundle pricing strategy will normally fall into two categories, which are pure price bundling and mixed price bundling. Let’s have a look at each of these two;

Pure price bundling

This is a strategy where the seller only offers specific products as part of the bundle. Else, the products that compose a bundle lean on one another to such a point that they have to be sold as a bundle. In many cases, this bundling option applies to products that are tethered in terms of quality. An example is how a video game console typically comes with one or more controllers when purchased for the first time. In this case, you can’t use one product without the other. It makes no sense at all to sell the system without giving customers the ability to use it.

Mixed Price Bundling

Mixed price bundling is a practice where a business offers items both individually and within a bundle at a reduced price. Generally, the items that compose a bundle can still stand on their own. These products would still be useful without the support of any other product, but often complement or enhance the other items they are bundled together with. Mixed priced bundling has a prominent presence in fast food industries through value meals. You would find a different form of bundles especially in fast foods, where you get an offer when you buy all meals together.

Before you can implement a price bundling strategy, it is important you weigh on the pros and cons of the same, and put your prices in such a way to avoid losses.

Price bundling comes with its share of cons. It presents a unique opportunity for companies to offload some of their less popular products. It can be quite challenging for businesses to sell some of their less favorite products not unless they introduce a bundle. A well-executed price bundling strategy can help businesses unload any kind of inventory as well as offloading any product that is slow to move.

There should be some cons as well. There is cannibalization of products contained within the bundle. In some instances, the profit margin for one of the products in the bundle might be significantly larger when brought individually. Additionally, if a store doesn’t accurately anticipate the popularity of the bundle, it might see an influx of customers, leading to little revenue or in some cases losses.

Types of Personality Tests to Help Learn About Your Team

Personality tests are undeniably useful tools used for creating stronger and more efficient teams. Towing company and other businesses use personality tests to learn about their teams, communication styles, preferred feedback, and ways to modify your attitude towards different personalities that might clash with yours.

We have come up with a list of personality tests to learn more about your team members. Here is what you need to know;

Myers-Briggs         

This is one of the oldest personality tests available. Essentially, the Myers-Briggs Test separates people into 16 categories of personalities and provides insights into general strengths and weaknesses, as well as desires and ambitions, communication styles, and how people perceive the world. You might find your manager to be INTJ which can be described as skeptical and independent with high standards of competence and performance.

Disc Assessment

The Disc assessment determines where you lie as far as Disc factors are concerned which are domination, influence, steadiness, and compliance. It is one of the most popular and authoritative career assessments out there that companies use and you should encourage your employees to use it. This form of assessment can help your team members become more self-aware of other intrinsic motivations as well as other areas of conflict.

Holland Code Career Test

This is a 10minute questionnaire that measures your interest in six major areas and provides potential career paths based on your interests. The test can help the manager provide appropriate career guidance depending on the workplace of an employee. It can be very beneficial to employees in defining a career path that would most likely make them the happiest. Ultimately, the test is meant to help the employees learn about their professional motivations and aptitudes before you can match them with the roles that are best suited for their strengths.

The 5 Minute Personality Test

If you just have a few minutes to spare, this can be a fantastic and speedy test to help you in learning about your strengths and weaknesses and how they can be applied to the workplace. After you are done filling the workplace, you simply add up the numbers to figure out which letters (L, O, G, B) represent your dominant personality test. These letters can reveal your natural workplace strengths and weaknesses, as well as how you should be responding in most situations. These letters can include information such as motivation, communication, and decision making styles.

The 5 Love Languages

This is a less used test, but more likely than not, the 5 love languages are the test you will be a little bit surprised to find here. It can be very useful in figuring out your romantic partner such as gifts or your best friend’s needs quality time as well as ways you can use this test in a professional capacity. Love language will help you in understanding the unique ways your team members accept feedback and how they form close bonds with others. Ultimately, personality tests help you in uncovering your hidden motivations or perceptions of situations.