Pricing is an important element of marketing that can be changed quickly. Price expresses the value of a product based on its perceived benefits and costs. Pricing objectives may include survival, maximum profit, market share, or product leadership. Factors affecting pricing include costs, competition, company objectives, positioning, target customers, and willingness to pay. Pricing policies guide how prices are set, while strategies include penetration pricing, skimming, competition matching, bundling, premium pricing, and discounts. Setting price involves selecting objectives, estimating demand and costs, analyzing competitors, choosing a pricing method, and determining the final price.
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.
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
A pricing strategy is an approach taken by businesses to decide how much to charge for their goods and services. The interaction between margin, price, and selling level is given specific consideration while pricing products. Therefore, it’s important and complicated to design a proper pricing plan that ensures business success.
Students will get the knowledge of the following-
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1. Pricing policy and strategies
(MARKETING MANAGEMENT)
You don’t sell through price. You sell
the price.
PRESENTATION BY:-
MOHIT GARG
KOUSTAV KUNDU
RAHUL KULSHRESTHA
NIKHIL SAVITA
2. Meaning of Pricing
• Pricing is one of the most important elements of
the marketing mix
• Price is the marketing variable that can be
changed most quickly
• The price of a product may be seen as a financial
expression of the value of that product
• The concept of value can therefore be expressed
as:
(Perceived) VALUE = (perceived) BENEFITS -(perceived) COSTS
3. List Price – For What customer pays?
• Includes:
Physical good/service
Assurance of quality
Repair facilities
Packaging
Credit
Warranty
Delivery
4. Pricing objectives
• Survival
• Maximum current profit
• Maximum market share
• Maximum market skimming
• Product-quality leadership
5. Factor affecting pricing
• Fixed and variable costs.
• Competition
• Company objectives
• Proposed positioning strategies.
• Target group and willingness to pay
6. Pricing policy
The policy of a company or business that guides
the price setting of its goods and services that
are offered for sale.
7. Pricing Strategy
• Pricing strategy refers to method companies
use to price their products or services.
• The price of the products and services are set
on the basis their expenses
• They add on a certain percentage so they can
make a profit.
• There are several different pricing strategies to
fulfil their objectives