Standard Pricing Policy

MY HUB TECHNOLOGIES LIMITED

 

Introduction and Purpose

The purpose of this Standard Pricing Policy is to establish consistent, fair, and transparent pricing practices for our subscription services. This policy aims to ensure our pricing decisions align with My Hub's objectives of market penetration and customer retention. This policy applies to all personnel involved in setting and adjusting prices.

 

Please note that prices are subject to market research and may vary due to various factors.

 

Objectives

The objectives of this pricing policy are to:

1. . Achieve market penetration by offering competitive prices.
2. . Retain customers by providing value-driven pricing.
3. . Ensure profitability through strategic pricing.
4. . Enhance customer trust through transparent pricing practices.

 

Pricing Strategy

Our pricing strategy is primarily value-based. This means our subscription prices are set based on the perceived value of our platform to retail store owners, service providers, brand owners, and transportation providers.

 

Price Setting Procedures

 

1. . Value Analysis:
   1. Conduct regular assessments of the value our platform provides to different customer segments.
   2. Evaluate platform features, benefits, and competitive advantages.
2. . Cost Analysis:
   1. Identify all direct and indirect costs associated with delivering our services.
   2. Ensure that pricing covers costs and contributes to profitability.
3. . Market Research:
   1. Analyze competitor pricing and market conditions regularly.
   2. Gather customer feedback to understand perceived value and willingness to pay.
   3. Use surveys, focus groups, and market studies to inform pricing decisions.
4. . Approval Process:
   1. All proposed prices and adjustments must be reviewed by the Pricing Committee.
   2. Final approval must be obtained from the Chief Financial Officer (CFO).
   3. Document all pricing decisions with supporting data and rationale.

 

Discounts and Promotions

 

Types of Discounts:

1. . Seasonal Discounts: Offered during specific periods (e.g., holidays, end-of-season).
2. . Loyalty Discounts: Provided to long-term subscribers as part of our loyalty program.
3. . Promotional Offers: Temporary discounts to attract new subscribers or boost engagement.

 

Review and Adjustment

 

1. . Pricing will be reviewed on a quarterly basis or more frequently if market conditions change significantly.
2. . Adjustments to pricing must be based on updated value assessments, market research, and customer feedback.
3. . Any price adjustments must follow the same approval process outlined in the price setting procedures.
4. . Implement a feedback loop to continuously improve pricing strategies.

 

Compliance

 

All employees involved in pricing decisions must adhere to this policy.

Regular training sessions will be conducted to ensure understanding and compliance.

Non-compliance with this policy may result in disciplinary action.

 

Communication

 

Pricing information must be communicated clearly to all relevant stakeholders, including sales teams and customers.

Any changes to pricing must be communicated in a timely manner.

Maintain transparency by providing detailed pricing breakdowns and justifications when necessary.

 

Effective Date

This Standard Pricing Policy is effective as of April 1st, 2024, and will remain in effect until revised or replaced.

 

Policy Review

 

This policy will be reviewed annually to ensure it remains relevant and effective in achieving our pricing objectives.

Feedback from stakeholders will be considered during the review process.

Any updates to the policy will be communicated to all relevant personnel.