Abstract
For most products, price is the marketing variable customers react to more than any other. While this may be less so for luxury products, marketers of luxury brands still have to set a price. Most managers emphasize costs and competition when setting price. However, the third component of price, customer value or what a customer is willing to pay, is considered less often and is, in fact, much more important than costs and competition for luxury goods. Today, in this era of digital marketing, marketers have a greater ability to understand customer value and set a price accordingly. In this paper, new approaches to digital pricing that incorporate customer value are described and shown how they impact luxury good pricing.
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