This document discusses various pricing concepts and methods in marketing management. It defines key terms like price and pricing. It outlines common pricing objectives like maximizing profit and increasing market share. Some pricing policies are also mentioned like flexible pricing and bundle pricing. The document then describes the steps to set a price and various pricing methods such as mark-up pricing, perceived value pricing, going rate pricing, target return pricing, and break-even pricing. It concludes by listing several pricing strategies used in business.
New-Product Pricing Strategies
Product Mix Pricing Strategies
Price Adjustment Strategies
Price Changes
Market-skimming pricing is a strategy with high initial prices to “skim” revenue layers from the market
Product quality and image must support the price
Buyers must want the product at the price
Costs of producing the product in small volume should not cancel the advantage of higher prices
Competitors should not be able to enter the market easily
Market-penetration pricing sets a low initial price in order to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share
Price-sensitive market
Inverse relationship of production and distribution cost to sales growth
Low prices must keep competition out of the market
What is Pricing Strategy and what are the objectives and factors affecting the Pricing Strategy.
There are Certain types of Pricing Strategies as well. Each and every strategy has its own affect on the product and services offered by an organization.
New-Product Pricing Strategies
Product Mix Pricing Strategies
Price Adjustment Strategies
Price Changes
Market-skimming pricing is a strategy with high initial prices to “skim” revenue layers from the market
Product quality and image must support the price
Buyers must want the product at the price
Costs of producing the product in small volume should not cancel the advantage of higher prices
Competitors should not be able to enter the market easily
Market-penetration pricing sets a low initial price in order to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share
Price-sensitive market
Inverse relationship of production and distribution cost to sales growth
Low prices must keep competition out of the market
What is Pricing Strategy and what are the objectives and factors affecting the Pricing Strategy.
There are Certain types of Pricing Strategies as well. Each and every strategy has its own affect on the product and services offered by an organization.
Pricing Strategies of Retail: The price at which the product is sold to the end customer is called the retail price of the product. Retail price is the summation of the manufacturing cost and all the costs that retailers incur at the time of charging the customer , also known as the Mark Up Cost.
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2. FR
Meaning
• PRICE - The amount of money
for which something is buy or
sell.
• PRICING – The method of
determining the value, a
producer will get in the
exchange off goods &
services.
3. FRPRICING OBJECTIVES
Objectives
Profit-related
Maximize the
profit
High ROI
Sales-related
Increase in
market share
Increase sales
Competition-
related
Keep
competitors
away
Achieve quality
leadership
Customer-
related
Satisfy
customers
Win confidence
of customers
Others
Price stability
Survival &
Growth
5. FRSETTING THE PRICE STEPS
Select the pricing
objective
Determine demand Estimate costs
Analysis competitors
price mix
Select the price
method
Select the final price
7. FRMark-up pricing
• Adding certain % of a mark-up (profit) to cost to get the selling price
• Mark-up price = unit cost/1 – desired return
• E.G. : Unit cost = ₹ 40; Desired return = 20%
Sol: Mark-up price = 40/1 – 0.2 = ₹ 50
Here, mark-up is ₹ 10 & cost = ₹ 40
• Used in construction business even in consumer goods
Perceived–value Pricing
• pricing a product on the basis of what the customer is ready to pay for it
• a firm sets the price of a product by considering what product image a customer carries in his mind and how much he is willing to pay for it.
• Basically, price set on the basis of perception of customers towards that product
• E.G.: John Deere Tractor perceived value – durability, reliability, service, larger warranty etc…
8. FR
Going-rate pricing
• Price set on the basis of market price
• Basically, the company sets a price of its products and services in line with the competitor’s prices, and may sometimes charge more or less depending on the value, product offers.
• Used for Homogenous & oligopolistic industries
• E.G.: Telecom industry, Banking Industry, Electronic goods etc..
Sealed-Bid Pricing
• Price set on the basis of bidding
• The method is very common in the case of Government or industrial purchases, wherein tenders are floated in the market, and potential suppliers submit their bids in a closed envelope, not
disclosing the bid to anyone.
• Used for construction or contract based business.
9. FR
Target-return pricing
• Price set on the basis of target ROI
• Target-Return Pricing = unit cost + (desired return x invested capital)/unit sales
• E.G.: Unit cost = ₹ 10; expected sales = 20,000 units; investment = ₹ 10,00,000; ROI = 10%
• Sol: Target-return pricing = 10 + (0.1 × 10,00.000)/20,000 = ₹ 15
Break-even Pricing
• Price set at which point where product will earn zero profit.
• Because at that point total sales = total cost
• Break-even price = Fixed cost + Variable cost
• E.G.: Fixed cost = ₹ 20; Variable cost = ₹ 10
• Sol: Break-even price = 20 + 10 = ₹ 30