Good-Better-Best Strategy
Good-Better-Best is a common pricing and product strategy used in retail and merchandising. It means offering customers three different versions of similar products at different price points. The "Good" option is the basic version at an entry-level price, the "Better" option adds more features at a mid-range price, and the "Best" option includes premium features at the highest price point. This approach helps stores give customers choices while maximizing sales and profits. For example, a store might offer three coffee makers: a basic model (Good), one with extra features (Better), and a premium version with all available features (Best).
Examples in Resumes
Implemented Good-Better-Best pricing strategy resulting in 25% increase in average transaction value
Developed Good Better Best product assortment for home appliance department
Trained sales team on explaining GBB value proposition to customers
Typical job title: "Merchandising Managers"
Also try searching for:
Where to Find Merchandising Managers
Professional Networks
Industry Resources
Example Interview Questions
Senior Level Questions
Q: How would you implement a Good-Better-Best strategy for a new product category?
Expected Answer: A strong answer should discuss market research, competitor analysis, target customer segments, profit margins, and how to determine appropriate price points and features for each tier. Should also mention training sales staff and measuring success.
Q: Tell me about a time when you adjusted a Good-Better-Best strategy that wasn't performing well.
Expected Answer: Look for examples of analyzing sales data, customer feedback, making price adjustments, changing product features, and measuring the impact of changes.
Mid Level Questions
Q: How do you determine the right price gaps between Good, Better, and Best tiers?
Expected Answer: Should discuss analyzing customer willingness to pay, competitor pricing, profit margins, and maintaining enough difference between tiers to make upgrades attractive.
Q: How would you train sales staff to present Good-Better-Best options to customers?
Expected Answer: Should explain how to present value propositions for each tier, avoid overwhelming customers, and help them make informed decisions based on their needs and budget.
Junior Level Questions
Q: What is the purpose of a Good-Better-Best strategy?
Expected Answer: Should explain that it gives customers choices at different price points, helps capture different market segments, and can increase average sale value through upgrades.
Q: Can you give an example of Good-Better-Best pricing in retail?
Expected Answer: Should provide a clear example, such as TV models at different price points with increasing features, showing understanding of how the strategy works in practice.
Experience Level Indicators
Junior (0-2 years)
- Understanding basic pricing strategies
- Product knowledge
- Basic sales analysis
- Customer service skills
Mid (2-5 years)
- Implementing tiered pricing strategies
- Sales staff training
- Market analysis
- Product assortment planning
Senior (5+ years)
- Strategic pricing optimization
- Category management
- P&L responsibility
- Team leadership
Red Flags to Watch For
- No understanding of basic pricing strategies
- Lack of customer service experience
- Unable to analyze sales data
- No experience with product assortment planning
- Poor communication skills
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