Pricing for value
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The document discusses different pricing strategies and concepts for establishing the value of a product. It describes value-based pricing, where the price is set at the perceived value to the customer. It also covers cost-based pricing, where the price is calculated by adding manufacturing costs and a percentage of profit. Additionally, it discusses market-based pricing, which establishes price based on existing market conditions, and competitor-based pricing, where the price is set based on what competitors charge. The key factors in determining pricing decisions and different pricing strategies for new products are also outlined.
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What Is a Price?
Customer Perceptions of Value
Company and Product Costs
Other Internal and External Considerations Affecting Price Decisions
Customer Value-based pricing uses the buyers’ perceptions of value, not the sellers’ cost, as the key to pricing. Price is considered before the marketing program is set.
Value-based pricing is customer driven
Cost-based pricing is product driven
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In recent years a new attitude toward pricing has emerged. Deregulation and international free trade agreements have increased competition. Price promotion has eroded the power of brand loyalty. Pricing has assumed greater importance to most businesses.
As markets increasingly assume a global dimension, customers can more easily compare prices between one region or country and another, using the internet or a fax machine. They can often locate the same product, or an
acceptable substitute, from another source. Customers are more demanding and fickle, and their expectations increasingly difficult to fulfil.
Price inflation in western economies is now at its lowest for decades. Price increases are no longer accepted without protest from customers, if at all.
The Chairman of General Electric has predicted the onset of the ‘Value Decade’. Global price competition will strengthen because of: reduced product differentiation; global over-capacity for production; significantly diminished trade barriers; efficient information and distribution systems; providing customers with easy access to the prices of suppliers; a growing lack of customers’ loyalty to individual suppliers. Choice will be increasingly driven by price.
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Pricing processes have lagged behind developments in the market place. They are often characterised by internal conflict between accountants wishing to maximise profit per unit and marketing specialists who seek to maximise
throughput. They are also affected by the potential for strained relations with good customers.
Some companies have downsized their operations to a level where diminishing returns cause them to question the benefits of continuing to focus upon reducing costs. As they switch their attention from cost cutting to adding
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2) It also covers strategies for pricing a product mix, such as setting price steps between different products or optional accessories to maximize overall profits. Discounts and allowances are also discussed to incentivize customers or channel members.
3) Psychological pricing tactics are mentioned, where price is used as a signal for quality even when customers cannot directly assess it, through reference prices, odd pricing, or temporary promotional pricing. The challenges of creating "deal-prone" customers through
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Some companies have downsized their operations to a level where diminishing returns cause them to question the benefits of continuing to focus upon reducing costs. As they switch their attention from cost cutting to adding
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2. Multiple factors influence pricing decisions, including costs, customer demand, competition, and the company's pricing policies. Different pricing methods are used in different market situations, like cost-plus pricing, target return pricing, and going rate pricing.
3. Adopting final prices requires considering impacts on other marketing activities, distribution channels, competitors, and regulations. A pricing structure is generally used that accounts for various customer segments, purchase conditions, and locations.
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The document discusses market positioning in marketing. It defines positioning as creating a distinct image for a brand or product in customers' minds compared to competitors. There are three types of positioning: functional based on benefits, symbolic based on brand image/identity, and experiential based on customer experiences. Key elements of a positioning strategy include product features, benefits, use categories, occasions, and competitive comparisons. Common pitfalls are under positioning with insufficient information, over positioning with a narrow image, confused positioning from frequent changes, and doubtful positioning if claims don't match price or features. Benefits of effective positioning include a strong competitive position, improved sales by defining the target market, and more effective marketing decisions and customer connections.
Organizational buying process
The organizational buying process has 8 steps:
1) Need recognition where the organization identifies an internal or external need.
2) General need description where the organization describes the characteristics and quantity of the needed item.
3) Product specification where the organization decides on technical product characteristics.
4) Supplier search where the organization identifies potential suppliers.
5) Proposal solicitation where the organization invites supplier proposals.
6) Supplier selection where the organization evaluates proposals and selects a supplier.
7) Purchase decision where the organization finalizes the order details.
8) Performance evaluation where the organization reviews supplier performance.
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Market segmentation is the process of dividing the overall market into smaller subgroups of consumers with similar preferences, needs, and characteristics. It involves segmenting the market based on demographics, geography, behaviors, and psychographics. Market segmentation is related to the marketing concept because it allows companies to develop tailored marketing strategies for each segment, helping them more effectively target customers and influence buying decisions. By understanding customer segments, organizations can promote their products to a wider audience in a way that appeals to the tastes of specific groups.
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This document discusses how market segmentation, targeting, and positioning are interrelated stages in developing a marketing strategy. Segmentation involves dividing the market based on demographics or other factors. Targeting selects one or two segments to focus on and designs a customized marketing mix. Positioning occupies a unique and favorable place in customers' minds. These stages inform each other and help redesign existing products or position new ones. For Dove face wash, the document illustrates how segmentation focused on women over 18 concerned with skincare. Targeting targeted working women aged 21-35. Positioning positioned Dove as celebrating real beauty at all ages without photoshopping.
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In the grand tapestry of marketing, where algorithms analyze data and artificial intelligence predicts trends, one essential thread remains constant — the timeless art of storytelling. As we stand on the precipice of a new era driven by AI, join me in unraveling the narrative alchemy that transforms brands from mere entities into captivating tales that resonate across the digital landscape. In this exploration, we will discover how, in the face of advancing technology, the human touch of a well-crafted story becomes not just a marketing tool but the very essence that breathes life into brands and forges lasting connections with our audience.How to Start Affiliate Marketing with ChatGPT- A Step-by-Step Guide (1).pdf
Discover the power of affiliate marketing with ChatGPT! This comprehensive guide takes you through the process of starting and scaling your affiliate marketing business using the latest AI technology. Learn how to leverage ChatGPT to generate content ideas, create engaging articles, and connect with your audience through personalized interactions. From building your strategy and optimizing conversions to analyzing performance and staying updated with industry trends, this eBook provides everything you need to know to succeed in affiliate marketing. Whether you're a beginner looking to start your online business or an experienced marketer wanting to take your efforts to the next level, this guide is your roadmap to success in the world of affiliate marketing.
Basic Management Concepts., “Management is the art of getting things done thr...
The managers achieve organizational objectives by getting work from
others and not performing in the tasks themselves.
Management is an art and science of getting work done through people.
It is the process of giving direction and controlling the various activities
of the people to achieve the objectives of an organization Management is a universal process in all organized, social and economic activities. Wherever
there is human activity there is management.
Management is a vital aspect of the economic life of man, which is an organized group activity. A
central directing and controlling agency is indispensable for a business concern. The productive
resources –material, labour, capital etc. are entrusted to the organizing skill, administrative ability
and enterprising initiative of the management. Thus, management provides leadership to a
business enterprise. Without able managers and effective managerial leadership the resources of
production remain merely resources and never become production. Management occupies such an
important place in the modern world that the welfare of the people and the destiny of the country
are very much influenced by it.
1.2 MEANING OF MANAGEMENT
Management is a technique of extracting work from others in an integrated and co-ordinated
manner for realizing the specific objectives through productive use of material resources.
Mobilising the physical, human and financial resources and planning their utilization for business
operations in such a manner as to reach the defined goals can be benefited to as management.
1.3 DEFINITION OF MANAGEMENT
Management may be defined in many different ways. Many eminent authors on the subject have
defined the term "management". Some of these definitions are reproduced below:
In the words of George R Terry - "Management is a distinct process consisting of planning,
organising, actuating and controlling performed to determine and accomplish the objectives by the
use of people and resources".
According to James L Lundy - "Management is principally the task of planning, co¬ordinating,
motivating and controlling the efforts of others towards a specific objective",
In the words of Henry Fayol - "To manage is to forecast and to plan, to organise, to command, to
co-ordinate and to control".
According to Peter F Drucker - "Management is a multipurpose organ that manages a business and
manages managers and manages worker and work".
In the words of J.N. Schulze - "Management is the force which leads, guides and directs an
organisation in the accomplishment of a pre-determined object".
In the words of Koontz and O'Donnel - "Management is defined as the creation and maintenance
of an internal environment in an enterprise where individuals working together in groups can
perform efficiently and effectively towards the attainment of group goals".
According to Ordway Tead - "Management is the process and agency which directs and guides the
operations of an organisation in realising of established aim
No Cookies, No Problem - Steve Krull, Be Found Online
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In the face of the news of Google beginning to remove cookies from Chrome (30m users at the time of writing), there’s no longer time for marketers to throw their hands up and say “I didn’t know” or “They won’t go through with it”. Reality check - it has already begun - the time to take action is now. The good news is that there are solutions available and ready for adoption… but for many the race to catch up to the modern internet risks being a messy, confusing scramble to get back to "normal"Recently uploaded (20)
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Get admission in various courses and boost your employment opportunities.
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Pricing for value
- 1. PRICING DECISIONS: PRICING CONCEPTS FOR ESTABLISHING VALUE PRICING STRATEGIES-VALUE BASED, COST BASED, MARKET BASED, COMPETITOR BASED. Presented by:- Shruti bansal Parag aggarwal Divyansh tyagi Saloni garg Priya srivastav
- 2. WHAT IS PRICE? Price is the value exchanged for products in marketing transactions. Price is not always money paid; barter, the trading of products, is the oldest form of exchange. Price is a key element in the marketing mix because it relates directly to generation of total revenue.
- 3. PRICING DECISIONS Organizations producing goods and services need to set the price for their product. Setting the price for an organization's product is one of the most important decisions a manager faces. It is one of the most crucial and difficult decisions a firm's manager has to make.
- 4. FACTORS DETERMINING THE PRICING DECISIONS (i) Cost of Production (ii) Demand for Product (iii) Price of Competing Firms (iv) Purchasing Power of Customers (v) Government Regulation (vi) Objective (vii) Marketing Method Used
- 5. PRICING STRATEGIES Pricing strategy is the pursuit of identifying the optimum price for a product. This strategy is combined with the other marketing principles known as the four P's (product, place, price, and promotion).
- 6. PRICING STRATEGIES FOR A NEW PRODUCT Pricing strategies usually change as the product passes through its life cycle. Product life cycle introductory stage growth stage maturity stage decline stage
- 7. PRICING STRATEGIES FOR NEW PRODUCT Market skimming pricing Market penetration pricing High price , low volume For product that have short life cycle ex:- apple phone Low price , high volume For product that have long anticipated life cycle ex:- big bazaar.
- 8. VALUE BASED PRICING Practice of setting the price of a product/services at its perceived value by the customer. It is usually applied to very specialized services.
- 9. VALUE BASED PRICING Advantages Increases profits Customer loyalty Disadvanges Niche market Not scalable Competition Labour costs.
- 10. COST BASED PRICING : THE COST OF A PRODUCT BY ADDING MANUFACTURING COST + % OF PROFIT.
- 11. COST BASED PRICING Advantages Company knows exactly amount of expenditure on making of product. Simplest method to decide the price of product. Disadvantages Does not take into account the future demand for a product. Result in overestimating the price of product because it include sunk cost and ignores opportunity cost.
- 12. MARKET BASED PRICING Process of establishing a price for a product or service based upon existing market conditions. Important to consider only those products that are similar to the product being offered. Higher demand =high price of the product. Lower demand =incentives and other discounts can be offered to keep customer’s interest.
- 13. COMPETITOR BASED PRICING. Setting the price of a product/service based on what the competitor charges Applies when the product has been on the market for a long time and many substitutes are available for the product