Price is a key marketing tool that is used to allocate scarce resources and influence buying decisions. It represents the monetary value placed on a product or service. Price is determined by supply and demand - when demand is high and supply is low, price will be high, and vice versa. The elasticity of demand measures how sensitive consumers are to price changes - some products like necessities have inelastic demand while others have more elastic demand. Governments can also impact prices through taxation, regulation of competition, and directly regulating certain prices.
Surveys a number of essential issues related to pricing and public policy in market economies. Begins with a brief review of the price-determination process in competitive markets, then examines a range of topics involving pricing and public policy in monopoly and oligopoly markets. Includes a number of graphs that illustrate the relationship between costs, demand, price, efficiency, and profitability under various market conditions.
In this short revision video we look at a range of business objectives and how they affect the price that might be charged to consumers.
Key revision points:
Objectives often driven by managerial motives
Interdependent behaviour in an oligopoly - firms must consider the likely reactions of rivals
Most businesses are satisficers rather than maximisers
Regulatory interventions do matter e.g. price capping
More firms now use big data to drive revenues
Consumers are increasingly sensitive to issues surrounding fair / ethical pricing
Surveys a number of essential issues related to pricing and public policy in market economies. Begins with a brief review of the price-determination process in competitive markets, then examines a range of topics involving pricing and public policy in monopoly and oligopoly markets. Includes a number of graphs that illustrate the relationship between costs, demand, price, efficiency, and profitability under various market conditions.
In this short revision video we look at a range of business objectives and how they affect the price that might be charged to consumers.
Key revision points:
Objectives often driven by managerial motives
Interdependent behaviour in an oligopoly - firms must consider the likely reactions of rivals
Most businesses are satisficers rather than maximisers
Regulatory interventions do matter e.g. price capping
More firms now use big data to drive revenues
Consumers are increasingly sensitive to issues surrounding fair / ethical pricing
This Presentation Includes following Topics:
Factors Affecting Price Decisions, Cost Based Pricing, Value-Based and Competition-Based Pricing, Product Mix Pricing Strategies, Adjusting the Price of the Product, Initiating and Responding to the Price Changes,
Price (Market-Orientated and Cost-Based Pricing)Project Student
Business Studies - Price
Pricing strategies and formulas are included and explained. This includes market-orientated pricing such as Going rate pricing, psychological pricing, market penetration, market skimming, loss leader pricing and destroyer pricing and cost-based pricing such as cost plus pricing, full cost pricing and contribution pricing
This Presentation Includes following Topics:
Factors Affecting Price Decisions, Cost Based Pricing, Value-Based and Competition-Based Pricing, Product Mix Pricing Strategies, Adjusting the Price of the Product, Initiating and Responding to the Price Changes,
Price (Market-Orientated and Cost-Based Pricing)Project Student
Business Studies - Price
Pricing strategies and formulas are included and explained. This includes market-orientated pricing such as Going rate pricing, psychological pricing, market penetration, market skimming, loss leader pricing and destroyer pricing and cost-based pricing such as cost plus pricing, full cost pricing and contribution pricing
Price is not a number - the secrets of pricingNevo Hadas
Lecture notes from pricing workshop provided to MTN Solution Space at the GSB (UCT Business School). Looks at high-level pricing theory, link to behavioural economics and lightly touches on how channels impact pricing.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
1. The Economics of Price
Decisions
Chapter 14
The 4 P’s
Product – Price – Promotion - Place
2. Price as a Marketing Tool
People make buying decisions about what to buy
based on the prices they pay.
What is Price?
- Price is the money a customer must pay for a
product or service.
- Admission, membership, service
charge, donation, fee, retainer, tuition, and monthly
payment.
- Establishing and communicating the value of
products and services to prospective customers.
3. Adjustability
- An important tool because it can be adjusted
quickly.
- Change a sticker, give a coupon or rebate.
4. Price as an Economic Concept
People have unlimited wants and needs that
they try to satisfy with the limited resources
available.
Price allocated available resources among
people.
Small Quantity = High Price
Large Quantity = Low Price
5. Economic Utility
- Value is added through changes in
form, time, place, or possession.
- A product is a greater value and will often
pay a higher price if the product is available
at a better time or place than other
choices, or if it is more accessible or
affordable.
7. Elasticity of Demand
It may seem that an easy way
to get consumers to buy your
product is to decrease the
price. This isn’t always the
case…
Book – page 381
Elastic - ∆P = large ∆D
lots of substitutes, choose not
to buy (ice cream)
Inelastic - ∆P = small ∆D
Needs (eggs)
0
5
10
15
20
25
30
35
40
45
50
Quantity
Price
Inelastic
Elastic
8. Government’s Affect on Prices
1. Regulating Competition
FTC – Federal Trade Commission
Anti-trust legislation, encourage creation of new products with
patents, copyrights
2. Taxation
- An increase in the tax on a product makes it less
attractive and can reduce sales (sin taxes)
- Import taxes
- Tax reduction to encourage business
9. 3. Regulating Prices
- Price fixing: providing amnesty to business who turn
themselves in
- Price discrimination: must offer equivalent
prices, discounts, and quantities to all wholesalers or retailers
- Price Advertising: advertise the correct price, clearly
communicate credit terms
- Bait and Switch: lure customers with low prices and then tell
them it’s unavailable or inferior
- Unit pricing: must list the price for a basic unit such as a
liter, ounce, or pound, so customers can compare.
