Service prices vary for several reasons:
1. Supply and demand - prices are higher during peak demand and lower during slow periods to maximize sales.
2. Individual customer needs differ in terms of factors like age, health risks, and insurance coverage, leading to variations in pricing.
3. Yield management aims to maximize profits by charging higher prices when demand is high and offering discounts when demand is low to fill unused capacity.
Macro Economics
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Prepared by Students of University of Rajshahi
Sadia yeasmin
Mst. Humayara khatun
Maimuna Akther Sauda
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Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Sadia yeasmin
Mst. Humayara khatun
Maimuna Akther Sauda
Mst. Beauty khatun
Salma khatun
Determination of exchange price when different business units within a firm exchange the products and services
Commercial transactions between the different parts of the multinational groups may not be subject to the same market forces shaping relations between the two independent firms. One party transfers to another goods or services, for a price. That price is known as “transfer price”.
As per section 92 (1) of the Income Tax Act, 1961 – Income from an international transaction shall be computed having regard to the Arm’s length Price (correct market price).
Transfer pricing is the process of setting transfer prices between associated enterprises or related parties where at least one of the related parties is a non-resident. Transfer Price is the price at which an enterprise transfers goods and services, intangible and intangible assets, services or lending/ borrowing money to associated enterprises. Transfer prices are generally decided prior to entering the transaction and they are audited/ reviewed by the auditor after the year finalization.
Determination of exchange price when different business units within a firm exchange the products and services
Commercial transactions between the different parts of the multinational groups may not be subject to the same market forces shaping relations between the two independent firms. One party transfers to another goods or services, for a price. That price is known as “transfer price”.
As per section 92 (1) of the Income Tax Act, 1961 – Income from an international transaction shall be computed having regard to the Arm’s length Price (correct market price).
Transfer pricing is the process of setting transfer prices between associated enterprises or related parties where at least one of the related parties is a non-resident. Transfer Price is the price at which an enterprise transfers goods and services, intangible and intangible assets, services or lending/ borrowing money to associated enterprises. Transfer prices are generally decided prior to entering the transaction and they are audited/ reviewed by the auditor after the year finalization.
Services Marketing
Chapter – 9
Pricing Of Services
Introduction
Pricing or Price is the key element in the traditional marketing mix (the 4Ps) and also the enhanced marketing mix (the 7 Ps). This is the element which earns revenue. This is highly critical because this is the strategy which can make or mar the business.
The firms must make it both ways –the price must
(1) get profits for the firm, and
(2) give value to its customers.
Names of Service Pricing
Pricing for goods is easy and straight forward, while for services it is complicated, may be controlled by several authorities, varies with time, place, people, etc.
For goods the price has a single name “PRICE”, but for services it has several names like :
Names of Service Prices
What Makes Service Pricing Different?
No Ownership of Services
Higher Ratio of Fixed Costs to Variable Costs
Variability of Both Inputs and Outputs.
Many Services Are Hard to Evaluate
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
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(i.e., industry structure in the language of economics).
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Exploring Patterns of Connection with Social Dreaming
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1. Chap 8: Setting a Price for the Service Rendered Price labels vary; You might pay: A commission to a stockbroker A membership fee to a fitness club A finance charge to a credit card company A premium to an insurance firm A fare for transportation Rent for housing A rate for telephone services
2. Why Do Service Prices Vary? Inseparability and perishability characteristics of services 1. Price is a function of supply and demand. Higher prices during peak demand. During slow demand prices are lowered to maximize capacity (hotel rooms, seats in movie theater, airline seats, etc)
3. Why Do Service Prices Vary? Service providers unwilling to estimate prices Ex: Provider may not know price until after the service is completed 3. Individual customer needs vary over time Ex: Life insurance (whole life vs. term), different deductibles, variations associated with customers (age, health risk, smoker vs. non-smoker, etc.)
4. Yield Management in Services Creative ways to maximize revenues and reduce costs per customer served The objective of yield management is to maximize profits from the fixed operating assets – labor, equipment, and facilities The inherent trade-off between price and demand makes yield management a difficult strategy for services marketer
5. Yield Management in Services Example: Hotels seek to fill their rooms because an empty room is an unproductive asset. When demand is low, the hotel may offer special discounts to attract more customers. When demand exceeds capacity, hotel may increase their prices, and focus on segments that are willing to pay higher amounts.
6. Pricing Objectives and Approaches Profit-oriented objectives stress generating high returns on the service’s investments in resources and labor Volume-oriented objectives stress processing large numbers of customers or their possessions
8. Pricing Objectivesand Approaches(cont’d) A cost-based approach focuses on the price floor: the minimum price that covers all costs of producing the service. Ex: Fee for service = cost of the time involved in producing the service
9. Pricing Objectivesand Approaches(cont’d) A customer-based approach focuses on the price ceiling: the maximum price customers are likely to pay. Price is consistent with customer perceptions of value. Ex: Monetary price is the most important determinant of value (price sensitive); Others are willing to pay a premium for luxury, status.
10. Pricing Objectivesand Approaches(cont’d) A competition-based approach establishes the service’s price in relation to the competition Ex: Cell phone providers compare competitors’ prices dollar for dollar; then determine total cost to customers (monetary and non-monetary); then come up with a better offer.
11. The RelationshipBetween Service Price and Value Value is an assessment of the benefits of a service versus the costs associated with it. Customers often use cost-benefit analysis to determine the value of a service offering. Perceived value can be raised by either increasing customer perceptions of benefits, lowering perceptions of costs, or both.
12. Price and Value: Role of Non-Monetary Costs Non-monetary costs: Time, Search, Convenience, Psychological Costs Customers will trade money for non-monetary costs incurred.
13. The Role of Nonmonetary Costs Time Cost: waiting time and service consumption. Ex: waiting time for car repair is high; pay more where waiting time is less? Search Cost: effort invested to identify and select among services you desire. Ex: making reservations for one hotel; cost of comparing prices is too high
14. The Role of Nonmonetary Costs Convenience Cost: effort expended to receive service; Ex: Choose bank closest to home even though other banks charge lower fees Psychological Cost: fear of not understanding; fear of uncertainty; Ex: Resistance of on-line payment, even though it saves time and money
15. The Role of Nonmonetary Costs Applications: A strategy of minimizing costs to increase customer value can create competitive advantage for the firm. Service firm can increase monetary price by reducing time and other costs Services that save time have monetary value for customers - lawn care; carpet cleaning
16. Which clinic would you patronize if you needed a chest x-ray? Clinic A Price $45 Located1 hour away Next available appointment is in 3 weeks Hours: Mon-Fri, 8 am-5pm Estimated wait in clinic: 2 hours Clinic B Price $85 Located 15 minutes away Next available appointment is in 1 week Hours: Mon-Fri, 8am-10pm Estimated wait: 30 to 45 minutes