Marktng Final
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The document discusses pricing strategies for developing prices for new products. It outlines different types of pricing strategies such as cost-plus pricing, penetration pricing, price skimming, and predatory pricing. It then focuses on price skimming, describing it as setting a high initial price to target less price-sensitive customers. Finally, it provides steps for developing a pricing strategy for a new product, including analyzing costs and demand, understanding competitors and regulations, and selecting pricing objectives and methods.
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Marketing Strategy Marketing Mix[1]
The marketing mix deals with how a business uses price, product, distribution, and promotion to market and sell products. It is often referred to as the "Four P's" - product, price, place (distribution), and promotion. Each element of the marketing mix affects the others and must be suitable for the target customer. For example, high quality materials can allow for a higher price, promotion in an area requires distribution there in advance, and promotion emphasizes new product features. The marketing mix puts the marketing strategy into action through specific actions from the marketing plan.
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This document discusses new product pricing strategies. It defines a new product and pricing strategy. There are two main methods for pricing new products: market skimming and penetration pricing. Market skimming involves setting a high initial price to recoup costs and attract attention, while penetration pricing uses lower prices to target a wider customer base and increase sales. Both methods have advantages like revenue generation and brand awareness, as well as disadvantages like lower customer reach. The document provides examples and outlines the characteristics of each pricing approach.
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The marketing mix is a fundamental aspect of marketing that includes the 4Ps: product, price, place, and promotion. It is used by businesses to decide how to market products based on customer needs. Price is an important element that impacts revenue and market share. Common pricing strategies include cost plus, penetration pricing, price skimming, competitive pricing, promotional pricing, and loss leaders. The appropriate strategy depends on factors like market entry, increasing sales, and covering costs.
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This document discusses pricing policy and strategies. It begins by stating that price is an important element of the marketing mix that can be changed quickly. It then defines pricing and value from the customer's perspective. The document goes on to list factors that influence pricing like costs, competition, and customer willingness to pay. It also outlines different pricing objectives and 12 common pricing strategies such as penetration pricing, skimming pricing, and bundle pricing. Finally, it concludes with the steps to set a pricing policy which are to select objectives, determine demand, estimate costs, analyze competitors, select a pricing method, and set the final price.
finance presesntation
This document is a student assignment on pricing strategies. It discusses several pricing approaches including price skimming, market penetration pricing, cost-plus pricing, and psychological pricing. For each approach, it outlines the basic concept, advantages, and disadvantages. Key points covered include using a premium price for new unique products, gaining large market share quickly with low prices under penetration pricing, setting price based on costs under cost-plus pricing, and encouraging sales through emotional customer responses with psychological pricing. References are also provided.
What is optimum price for a pharma product
This document discusses factors to consider when determining the optimal price for a new pharmaceutical product. It notes that price determination is one of the most difficult decisions manufacturers face. Key considerations include marketing objectives like sales volume or profit, target customers, and whether a premium or economy price is realistic. The document aims to address common pricing methods and provide a pricing matrix prototype to help strategize pricing. Some factors that influence price include business objectives, costs, demand, market type, and competitors. While there is no single best strategy, experience shows developers should analyze marketing, costs, demand, objectives, and the environment to help determine the optimal price.
Marketing concepts 4
This document defines key terms related to products and pricing. It discusses the differences between consumer products and industrial products. It also defines important product attributes like size, color, and features. Additionally, it outlines key elements of products like brands, packaging, product lines, and product depth. The document then discusses the importance of pricing and different pricing strategies such as value-based pricing, cost-based pricing, price skimming, and penetration pricing. It also covers the steps involved in pricing and product line pricing.
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The document outlines various steps and strategies for setting prices, including:
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3) Specific pricing techniques include promotional pricing, variable pricing, price lining, and psychological pricing.
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The marketing mix deals with how a business uses price, product, distribution, and promotion to market and sell products. It is often referred to as the "Four P's" - product, price, place (distribution), and promotion. Each element of the marketing mix affects the others and must be suitable for the target customer. For example, high quality materials can allow for a higher price, promotion in an area requires distribution there in advance, and promotion emphasizes new product features. The marketing mix puts the marketing strategy into action through specific actions from the marketing plan.
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This document is a student assignment on pricing strategies. It discusses several pricing approaches including price skimming, market penetration pricing, cost-plus pricing, and psychological pricing. For each approach, it outlines the basic concept, advantages, and disadvantages. Key points covered include using a premium price for new unique products, gaining large market share quickly with low prices under penetration pricing, setting price based on costs under cost-plus pricing, and encouraging sales through emotional customer responses with psychological pricing. References are also provided.
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This document discusses factors to consider when determining the optimal price for a new pharmaceutical product. It notes that price determination is one of the most difficult decisions manufacturers face. Key considerations include marketing objectives like sales volume or profit, target customers, and whether a premium or economy price is realistic. The document aims to address common pricing methods and provide a pricing matrix prototype to help strategize pricing. Some factors that influence price include business objectives, costs, demand, market type, and competitors. While there is no single best strategy, experience shows developers should analyze marketing, costs, demand, objectives, and the environment to help determine the optimal price.
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This document defines key terms related to products and pricing. It discusses the differences between consumer products and industrial products. It also defines important product attributes like size, color, and features. Additionally, it outlines key elements of products like brands, packaging, product lines, and product depth. The document then discusses the importance of pricing and different pricing strategies such as value-based pricing, cost-based pricing, price skimming, and penetration pricing. It also covers the steps involved in pricing and product line pricing.
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The document outlines various steps and strategies for setting prices, including:
1) Determining pricing objectives, studying costs and demand, and monitoring competitors' prices.
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3) Specific pricing techniques include promotional pricing, variable pricing, price lining, and psychological pricing.
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The document outlines 6 steps in setting price: 1) select the price objective, 2) determine demand, 3) estimate costs, 4) analyze competitor price mix, 5) select pricing method, and 6) select final price. Examples are provided for each step and pricing concepts are explained with diagrams and stories. The document aims to teach marketing concepts through illustrations and real-world examples from the author's blog.
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1) Flexible pricing allows customers to pay different prices for the same goods, while one-price policies charge all customers the same. Prestige pricing sets high prices to convey exclusivity.
2) Odd/even pricing and price lining are psychological tactics to influence customer purchases. Promotional pricing temporarily changes prices to boost new product sales.
3) Multiple-unit and bundle pricing offer discounts for buying multiple or bundled products to increase the perceived value for customers.
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This document discusses various pricing policies, objectives, factors, and strategies. It begins by defining pricing and pricing policy. It then discusses pricing objectives such as profit maximization, satisfactory profits, and market share. It also covers factors that influence pricing like costs, competition, and customer willingness to pay. Finally, it outlines and describes various common pricing strategies such as penetration pricing, skimming pricing, competitive pricing, discount pricing, and bundle pricing.
pricing objectives
KFC's pricing objectives fall under the sales-oriented category. Their main objective is to increase sales and customer satisfaction rather than maximize profits. To achieve this, KFC focuses on maintaining their market share by keeping prices low and making few product changes to remain competitive with slow growth. They also employ sales maximization strategies like promotions to increase sales in both the short and long-run. Table 2.2 shows KFC's product prices which are designed to appeal to customers and support their sales objectives.
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Pricing is a strategic issue that affects other elements of the marketing mix like product features, distribution channels, and promotion. There are several steps to pricing a product, including analyzing costs and demand, setting pricing objectives like profit or revenue maximization, and determining the actual price using factors like costs, demand, and environmental considerations. Common pricing objectives include current profit maximization, current revenue maximization, maximizing quantity sold, and maximizing profit margins. Pricing methods include cost-plus pricing, target return pricing, and value-based pricing. Price discounts are also used to influence demand and include quantity, seasonal, cash, trade, and promotional discounts.
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This document discusses pricing strategies in retailing. It outlines several basic pricing options like discount orientation, market orientation, and upscale orientation. It also discusses external factors that affect retail pricing like consumers, government regulations, manufacturers/suppliers, and competitors. Specific consumer factors discussed include price elasticity and different consumer segments. The document then covers government issues around pricing like price fixing, price discrimination, and other laws. It also discusses how manufacturers/suppliers can impact retail pricing. Finally, it outlines factors to consider when developing a retail price strategy, including objectives, policies, and methods for adjusting prices.
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This document provides an overview of marketing objectives and strategies. It discusses that marketing involves identifying and satisfying customer needs. Strategic marketing objectives include increasing sales, market share, and product awareness. Tactical objectives are outlined through the marketing mix of product, price, place, and promotion. The marketing strategy should be devised to achieve the objectives and can be described through these elements of the marketing mix.
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The document discusses various pricing strategies that businesses can employ. Long-term strategies include charging high prices for premium brands to boost image or lowering prices to increase sales volume for price-elastic products. Short-term strategies include initially charging high prices (skimming) for new products, lowering prices to gain market share quickly (penetration pricing), lowering prices to destroy competition (destroyer pricing), temporarily lowering prices to boost sales (promotional pricing), and varying prices based on demand (demand-oriented pricing).
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Magento is one of the most stable and trusted eCommerce solution in the market today. Evidently, Magento is known to deliver amazing B2C E-commerce features; however, there are a number of reasons why Magento is also a great B2B E-Commerce platform - the value it offers to businesses is incomparable.
We recently had a Webinar on "Successful B2B Pricing Strategies with Magento". The key points covered in the Webinar were:
1. Why is pricing important for Business to Business Scenario?
2. Dealing with different pricing schemes.
3. Pricelist.
4. Special Price.
5. Tier Price.
6. Category Discounted Price.
7. Item Group Price.
8. Priorities of B2B pricing.
Now, you can easily integrate your Magento store with the back-end ERP/CRM system to automate the business process: https://www.appseconnect.com/magento-integrations/
Group 2 objectives of pricing new design
The document discusses various pricing objectives that companies consider when setting prices. Pricing objectives provide guidelines for developing marketing strategies and pricing processes. Objectives can be related to profits, sales, competition, customers, or other factors. Common profit-related objectives include maximizing current profits and targeting return on investment. Sales objectives often focus on growth, market share, and increasing market share. Competition objectives may involve facing competition, keeping competitors away, or achieving quality leadership through pricing. Customer-related objectives typically aim to win customer confidence and satisfaction. Other objectives can include market penetration, promoting new products, maintaining image/reputation, skimming profits, price stability, and ensuring survival and growth. Pricing decisions are made in the context
internal factors affecting pricing
Internal factors that affect pricing decisions include marketing objectives, marketing mix strategy, costs of production, organizational considerations, and the product life cycle stage. Pricing must be coordinated with other elements of the marketing mix like product, promotion, and distribution. Management must also consider costs of production, who sets prices within the organization, and how pricing strategies vary depending on whether a product is in the introduction, growth, maturity, or decline stage of its life cycle.
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This document discusses channels of distribution and marketing intermediaries. It describes how manufacturers use a combination of institutions like wholesalers, retailers, and agents to distribute products to consumers. Wholesalers purchase large quantities from manufacturers and resell to retailers, while retailers sell directly to consumers. The document outlines the major types of intermediaries and their functions, which include transactional activities like buying and selling, logistical activities like storage and transportation, and facilitating activities like financing. It also discusses pricing strategies, financing options, and the importance of routinizing decisions in marketing channels.
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Here are the steps to forecast monthly sales for Kristy Family Jewelry Store:
a) Based on the chart, the monthly percentage for Jewelry Stores is:
Jan: 6.1%, Feb: 8.8%, Mar: 7.1%, Apr: 7%, May: 9.3%, Jun: 7.4%, Jul: 7.5%, Aug: 7.7%, Sep: 6.6%, Oct: 6.9%, Nov: 7.9%, Dec: 17.7%
b) The annual sales forecast from Step 1 is $476,055
c) To calculate monthly sales:
Jan: 6.1% of $476,055 is $29,062
Feb:
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The Ansoff Matrix portrays four alternative corporate growth strategies based on whether a firm markets new or existing products in new or existing markets. These strategies are market penetration, market development, product development, and diversification. Market penetration focuses on selling existing products to existing markets. Market development involves selling existing products to new markets. Product development means introducing new products to existing markets. Diversification is the riskiest strategy as it involves marketing new products in new markets.
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Product life cycles involve 5 stages: development, introduction, growth, maturity, and decline. During introduction, a new product is made available for purchase using different pricing and promotion strategies. In the growth stage, sales start climbing quickly. The maturity stage sees sales growth slow as the product is modified to appeal to new markets. Finally, the decline stage is when a product's sales begin to fall.
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1. The document discusses price as a competitive advantage and different pricing strategies companies can employ. It defines competitive advantage as offering greater value through lower prices or higher quality to justify higher prices.
2. Several factors are considered when setting prices like objectives, product positioning, substitutes, branding, and cost of production. Pricing strategies discussed include premium pricing, penetration pricing, skimming, and cost leadership.
3. Examples given are Tata's low-cost Nano car and Mercedes' high-priced differentiated products. The conclusion is that price plays a key role in competitive advantage and sales, and should provide value to the customer.
Sunayana Shakya,BBA ,Dezyne E'cole College
This document provides an overview of pricing strategy concepts through several chapters. It begins with an introduction to pricing and objectives. Chapter 1 defines pricing and discusses pricing objectives such as profit-related, sales-related, competition-related, and customer-related. Chapter 2 examines internal and external factors that influence pricing decisions. Chapter 3 outlines various pricing approaches and policies including cost-based, value-based, competition-based, and product-line pricing. Chapter 4 defines pricing strategy and discusses strategies such as penetration pricing, economy pricing, price skimming, and product-mix pricing. The document also includes a case study and conclusion.
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The document discusses pricing strategies and factors to consider when setting prices. It covers internal factors like costs of production and external factors like competition and economic conditions. The major pricing strategies discussed are customer value-based pricing, cost-based pricing, and competition-based pricing. It also discusses strategies for new products, products within a mix, and adjusting prices for different customers. The objectives of pricing are to ensure business survival, improve profitability, and increase sales and market share.
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The document discusses pricing strategies and psychological pricing. It provides an overview of different pricing methods like cost-based pricing, customer-based pricing, competitor-based pricing, premium pricing, penetration pricing, economy pricing, price skimming, product line pricing, optional product pricing, predatory pricing, value pricing, product bundle pricing, geographical pricing, and cost-plus pricing. It also discusses objectives of pricing and the steps to develop pricing for a new product. Finally, it explains psychological pricing as a strategy that uses techniques like odd pricing and prestige pricing to psychologically impact consumers.
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The document outlines 6 steps in setting price: 1) select the price objective, 2) determine demand, 3) estimate costs, 4) analyze competitor price mix, 5) select pricing method, and 6) select final price. Examples are provided for each step and pricing concepts are explained with diagrams and stories. The document aims to teach marketing concepts through illustrations and real-world examples from the author's blog.
Pricing policies
This document discusses various pricing policies used by businesses:
1) Flexible pricing allows customers to pay different prices for the same goods, while one-price policies charge all customers the same. Prestige pricing sets high prices to convey exclusivity.
2) Odd/even pricing and price lining are psychological tactics to influence customer purchases. Promotional pricing temporarily changes prices to boost new product sales.
3) Multiple-unit and bundle pricing offer discounts for buying multiple or bundled products to increase the perceived value for customers.
Pricing strategy for television company
The document discusses pricing strategies for a television company. It describes penetration pricing as setting an initially low price to attract customers and gain market share, even if it means lower profits initially. Skimming pricing is setting a high initial price for an innovative new product to earn high profits before competitors enter and the price decreases over time. For a new high definition television company, skimming pricing would be the best choice to quickly earn profits, recover development costs, and build brand perception before competitors emerge and alternatives become available.
Pricing policies & strategies
This document discusses various pricing policies, objectives, factors, and strategies. It begins by defining pricing and pricing policy. It then discusses pricing objectives such as profit maximization, satisfactory profits, and market share. It also covers factors that influence pricing like costs, competition, and customer willingness to pay. Finally, it outlines and describes various common pricing strategies such as penetration pricing, skimming pricing, competitive pricing, discount pricing, and bundle pricing.
pricing objectives
KFC's pricing objectives fall under the sales-oriented category. Their main objective is to increase sales and customer satisfaction rather than maximize profits. To achieve this, KFC focuses on maintaining their market share by keeping prices low and making few product changes to remain competitive with slow growth. They also employ sales maximization strategies like promotions to increase sales in both the short and long-run. Table 2.2 shows KFC's product prices which are designed to appeal to customers and support their sales objectives.
Pricing Decisions & Strategies
Pricing is a strategic issue that affects other elements of the marketing mix like product features, distribution channels, and promotion. There are several steps to pricing a product, including analyzing costs and demand, setting pricing objectives like profit or revenue maximization, and determining the actual price using factors like costs, demand, and environmental considerations. Common pricing objectives include current profit maximization, current revenue maximization, maximizing quantity sold, and maximizing profit margins. Pricing methods include cost-plus pricing, target return pricing, and value-based pricing. Price discounts are also used to influence demand and include quantity, seasonal, cash, trade, and promotional discounts.
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This document discusses pricing strategies in retailing. It outlines several basic pricing options like discount orientation, market orientation, and upscale orientation. It also discusses external factors that affect retail pricing like consumers, government regulations, manufacturers/suppliers, and competitors. Specific consumer factors discussed include price elasticity and different consumer segments. The document then covers government issues around pricing like price fixing, price discrimination, and other laws. It also discusses how manufacturers/suppliers can impact retail pricing. Finally, it outlines factors to consider when developing a retail price strategy, including objectives, policies, and methods for adjusting prices.
Introduction to Marketing
This document provides an overview of marketing objectives and strategies. It discusses that marketing involves identifying and satisfying customer needs. Strategic marketing objectives include increasing sales, market share, and product awareness. Tactical objectives are outlined through the marketing mix of product, price, place, and promotion. The marketing strategy should be devised to achieve the objectives and can be described through these elements of the marketing mix.
Pricing Strategies
The document discusses various pricing strategies that businesses can employ. Long-term strategies include charging high prices for premium brands to boost image or lowering prices to increase sales volume for price-elastic products. Short-term strategies include initially charging high prices (skimming) for new products, lowering prices to gain market share quickly (penetration pricing), lowering prices to destroy competition (destroyer pricing), temporarily lowering prices to boost sales (promotional pricing), and varying prices based on demand (demand-oriented pricing).
Pricing- PHILIP KOTLER
An overview of the pricing in marketing and how it plays an important role in survival and making strategies
Webinar: Successful B2B Pricing Strategies with Magento
Magento is one of the most stable and trusted eCommerce solution in the market today. Evidently, Magento is known to deliver amazing B2C E-commerce features; however, there are a number of reasons why Magento is also a great B2B E-Commerce platform - the value it offers to businesses is incomparable.
We recently had a Webinar on "Successful B2B Pricing Strategies with Magento". The key points covered in the Webinar were:
1. Why is pricing important for Business to Business Scenario?
2. Dealing with different pricing schemes.
3. Pricelist.
4. Special Price.
5. Tier Price.
6. Category Discounted Price.
7. Item Group Price.
8. Priorities of B2B pricing.
Now, you can easily integrate your Magento store with the back-end ERP/CRM system to automate the business process: https://www.appseconnect.com/magento-integrations/
Group 2 objectives of pricing new design
The document discusses various pricing objectives that companies consider when setting prices. Pricing objectives provide guidelines for developing marketing strategies and pricing processes. Objectives can be related to profits, sales, competition, customers, or other factors. Common profit-related objectives include maximizing current profits and targeting return on investment. Sales objectives often focus on growth, market share, and increasing market share. Competition objectives may involve facing competition, keeping competitors away, or achieving quality leadership through pricing. Customer-related objectives typically aim to win customer confidence and satisfaction. Other objectives can include market penetration, promoting new products, maintaining image/reputation, skimming profits, price stability, and ensuring survival and growth. Pricing decisions are made in the context
internal factors affecting pricing
Internal factors that affect pricing decisions include marketing objectives, marketing mix strategy, costs of production, organizational considerations, and the product life cycle stage. Pricing must be coordinated with other elements of the marketing mix like product, promotion, and distribution. Management must also consider costs of production, who sets prices within the organization, and how pricing strategies vary depending on whether a product is in the introduction, growth, maturity, or decline stage of its life cycle.
Channel of distribution
This document discusses channels of distribution and marketing intermediaries. It describes how manufacturers use a combination of institutions like wholesalers, retailers, and agents to distribute products to consumers. Wholesalers purchase large quantities from manufacturers and resell to retailers, while retailers sell directly to consumers. The document outlines the major types of intermediaries and their functions, which include transactional activities like buying and selling, logistical activities like storage and transportation, and facilitating activities like financing. It also discusses pricing strategies, financing options, and the importance of routinizing decisions in marketing channels.
AJC 2011 Presentation - Building a Successful Marketing Strategy and Budget
Here are the steps to forecast monthly sales for Kristy Family Jewelry Store:
a) Based on the chart, the monthly percentage for Jewelry Stores is:
Jan: 6.1%, Feb: 8.8%, Mar: 7.1%, Apr: 7%, May: 9.3%, Jun: 7.4%, Jul: 7.5%, Aug: 7.7%, Sep: 6.6%, Oct: 6.9%, Nov: 7.9%, Dec: 17.7%
b) The annual sales forecast from Step 1 is $476,055
c) To calculate monthly sales:
Jan: 6.1% of $476,055 is $29,062
Feb:
Ansoff matrix
The Ansoff Matrix portrays four alternative corporate growth strategies based on whether a firm markets new or existing products in new or existing markets. These strategies are market penetration, market development, product development, and diversification. Market penetration focuses on selling existing products to existing markets. Market development involves selling existing products to new markets. Product development means introducing new products to existing markets. Diversification is the riskiest strategy as it involves marketing new products in new markets.
6. product life cycle
Product life cycles involve 5 stages: development, introduction, growth, maturity, and decline. During introduction, a new product is made available for purchase using different pricing and promotion strategies. In the growth stage, sales start climbing quickly. The maturity stage sees sales growth slow as the product is modified to appeal to new markets. Finally, the decline stage is when a product's sales begin to fall.
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1. The document discusses price as a competitive advantage and different pricing strategies companies can employ. It defines competitive advantage as offering greater value through lower prices or higher quality to justify higher prices.
2. Several factors are considered when setting prices like objectives, product positioning, substitutes, branding, and cost of production. Pricing strategies discussed include premium pricing, penetration pricing, skimming, and cost leadership.
3. Examples given are Tata's low-cost Nano car and Mercedes' high-priced differentiated products. The conclusion is that price plays a key role in competitive advantage and sales, and should provide value to the customer.
Sunayana Shakya,BBA ,Dezyne E'cole College
This document provides an overview of pricing strategy concepts through several chapters. It begins with an introduction to pricing and objectives. Chapter 1 defines pricing and discusses pricing objectives such as profit-related, sales-related, competition-related, and customer-related. Chapter 2 examines internal and external factors that influence pricing decisions. Chapter 3 outlines various pricing approaches and policies including cost-based, value-based, competition-based, and product-line pricing. Chapter 4 defines pricing strategy and discusses strategies such as penetration pricing, economy pricing, price skimming, and product-mix pricing. The document also includes a case study and conclusion.
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The document discusses pricing strategies and methods. It defines what a pricing strategy is and identifies key determinants for pricing decisions like organizational objectives, costs, competition, and customer perceptions. It explores different pricing methods like cost-oriented, demand-oriented, and competition-oriented pricing. It also covers pricing tactics like discounts, flexible pricing, and how legal/regulatory factors can influence pricing.
Marketing Mix Priced OP 09
The document discusses pricing strategies and methods. It defines what a pricing strategy is and identifies key determinants for pricing decisions like organizational objectives, costs, competition, and customer perceptions. It also explores different pricing methods like cost-oriented pricing, demand-oriented pricing, and competition-oriented pricing that set prices based on costs, demand levels, and competitor prices respectively. The document emphasizes that price is a key element of the marketing mix and must be considered along with other factors.
Mm.12.10
The document discusses developing pricing strategy and provides information on:
- Factors that influence pricing like costs, demand, competition
- Common pricing mistakes like not adjusting for market changes
- Consumer psychology related to pricing like reference prices
- Methods for setting prices like cost-based, demand-based, competition-oriented pricing
- Steps in setting price which include selecting objectives, determining demand, analyzing costs and competition
BM 4.4 Price
The document discusses various pricing strategies that companies can use when setting prices for their products. It describes price makers as firms that have significant market power to set their own prices, while price takers operate in competitive markets and have little control over prices. It also outlines several cost-based strategies like cost-plus pricing and floor pricing. Additionally, it explains competition-based strategies like price leadership and market-led strategies such as penetration pricing, skimming pricing, and prestige pricing that are used to gain market share or target specific customer segments.
Pricing Method and Pricing Strategies
Pricing is the method used by producers to determine the value of goods and services. There are various pricing strategies that can be used including penetration pricing, which sets low initial prices to gain market share, and premium pricing, which positions products as exclusive through higher prices. The document also outlines other strategies such as competition pricing, product line pricing, and bundle pricing.
Strategic marketing
The document provides an overview of quantitative market research methods. It explains that quantitative research is numerically oriented and involves statistical analysis. Common quantitative techniques include surveys using post, phone, email, web or in-person methods to collect standardized data from large samples. Quantitative research provides insights through metrics like ratings, but does not explore qualitative factors in depth.
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Marktng Final
- 1. NAME ABDUL WAHID CLASS MBA SUBJECT MARKETING
- 2. CONTENTS Topic: Acknowledgment Pricing strategy Kinds of pricing strategy Price skimming Penetration pricing Development of price strategy for new product Reference: page 3 4 5 6 7 8 9 10
- 3. Topic: DEVELOPING AND IMPLELMENTING PRICING STRATEGIES
- 4. ACKNOWLEDGMENT Raining outside, cool breeze, having sips of tea; while sitting in window.It was the best scenario to motivate me but THE MOTIVATION came from the affection and courage blessed by ------.although it was a hard task but ------- guided us so well that all went seamless!! Bundles of thanks to -------- and I want to relate this effort to --------.
- 5. Pricing strategy Introduction: Price is one of four major elements of marketing mix.It is very important strategic issue because it is related to product positioning.
- 6. kinds of pricing strategy Cost plus pricing: Setting a price by adding a fixed amount or percentage to the cost of making the product. Penetration pricing : Setting a very low price to gain as many sales as possible. Price skimming: Setting a high price before other competitors come into the market. Predatory pricing: Setting a very low price to knock out all the other competition. Competitor pricing: Setting a price based on competitors prices. Price discrimination: Setting different prices for the same good, but to different markets e.g. peak and off peak mobile phone calls.
- 7. price skimming attempts to skim the cream of the top of the market by setting a high price and selling to those customers who are less price sensitive. this strategy mainly PURSUE the objective of PROFIT MAXIMIZATION IS MOST APPROPRIATE WHEN: Demand is expected to relatively inelastic means customers are not highly price sensitive. Products is an innovation or new in that market. PRICE SKIMMING PRICE SKIMMING For example: mobilink was charging premium prices .
- 8. Penetration pricing Pursue the objective of quantity maximization by means of low price. it is most appropriate when Demand is expected highly elastic There is threat of impending competition Product is not an innovation or new technology