Pricing for Innovative Products

Abstract

Society is always moving towards a strong thought in development, to put it more correctly - evolution, creating conditions and products, primarily to eliminate shortcomings or problems that increase the degree of imperfection of plans. It was taking these points into account that humanity introduced into the world a new concept of “Innovative Product” and its distinctive price, formed taking into account the demand of the population. The article presents theoretical and practical knowledge of the need to form prices for new products, how they can fit demand, selecting elasticity for their formation, and why they are even necessary these days.