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.
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.
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When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
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The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
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TL;DR. These are the three themes that stood out to us over the course of last month.
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When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
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1. MBA IB 6102: MARKETING MANAGEMENT
ASSIGNMENT TOPIC:- PRICING POLICY AND STRATEGIES
SUBMITTED TO:-
Dr. B B Goyal
Professor
UBS, Panjab University
SUBMITTED BY:-
DEEPAK KANWAL
MBA IB (2017-19)
PRICING POLICY AND STRATEGIES
SUBMITTED TO:-
Dr. B B Goyal
Professor
UBS, Panjab University
SUBMITTED BY:-
DEEPAK KANWAL
MBA IB (2017-19)
MBA IB 6102: MARKETING MANAGEMENT
2. Pricing policy
Price: It is the quantity of payment or compensation given by one party to another in
return for goods or services.
The price of a product may be seen as a financial expression of the value of that
product.
Pricing policy: It is the policy of a company or business that guides the price setting of
its good and services that are offered for sale.
In setting prices, the business will take into account the price at which it could acquire
the goods, the manufacturing cost, the market place, competition, market condition,
brand, and quality of product.
4. Factor influencing Pricing policy
Fixed &
variable cost
Competition
Business
objective
Target group
& willingness
to pay
Positioning
5. Common Pricing policies
One price policy: offers the same price to all customers who purchase products under
the same conditions and in the same quantities. Most companies use a one-price policy
because it makes pricing easier and customers like it.
Flexible price policy: offers the same product and quantities to different customers at
different prices. For example, grocery stores might give frequent-shoppers discount
prices. Flexible pricing has become easier because companies now have access to
databases that keep track of different price scales.
6. Pricing Strategy
Pricing strategy in marketing is the pursuit of identifying the optimum price
for a product.
A pricing strategy takes into account segments, ability to pay, market
conditions, competitor actions, trade margins and input costs, amongst others.
It is targeted at the defined customers and against competitors.
8. Penetration Pricing
Penetration pricing is a pricing strategy where the price of a product is initially set low to
rapidly reach a wide fraction of the market and initiate word of mouth.
This strategy is most often used businesses
wishing to enter a new market or build on a
relatively small market share.
An example of penetration pricing would be
Amazon's Kindle Fire. They offered their
tablet for much cheaper than any of the
other tablets on the market.
9. Skimming Pricing
The practice of ‘price skimming’ involves charging a relatively high price for a short
time where a new, innovative, or much improved product is launched onto a market.
The objective of skimming is to “skim” off customers who are willing to pay more to
have the product sooner; prices are lowered later when demand from the “early
adopters” falls.
High prices can be enjoyed in the short term where demand is
relatively inelastic. In the short term the supplier benefits from
‘monopoly profits’, but as profitability increases, competing
suppliers are likely to be attracted to the market.
10. Competitive pricing
Competitive pricing is setting the price of a product or service based on what the competition
is charging.
This pricing method is used more often by businesses selling similar products, since services
can vary from business to business, while the attributes of a product remain similar.
In order to grab market share, Pepsi generally start to drop prices, and shortly after, Coca Cola
decide to decrease theirs slightly but not for all products.
11. Economy Pricing
A valuation technique which assigns a low price to selected products.
Economy pricing is widely used in the retail food business for groceries such as canned and
frozen goods sold under generic food brands where marketing and production costs have been
kept to a minimum.
12. Bundle Pricing
In a bundle pricing, companies sell a package or set of goods or services for a lower price than
they would charge if the customer bought all of them separately.
Common examples include option packages on new cars, value meals at restaurants and cable
TV channel plans.
Pursuing a bundle pricing strategy allows you to increase your profit by giving customers a
discount.
13. Discount Pricing
Businesses use discount pricing to sell low-priced products in high quantities. With this
strategy, it is important to cut costs and stay competitive.
Large retailers are able to demand price discounts from suppliers and make a discount pricing
strategy effective.
Occasional discounts and discounts that reward loyal
customers are effective.
Discounts used too often begin a downward pricing
spiral that may eventually damage your ability to sell
the product at full price.
14. Discriminatory Pricing
Price discrimination is a pricing strategy that charges customers different prices for the same
product or service.
In pure price discrimination, the seller charges each customer the maximum price that he is
willing to pay.
Consumers buying airline tickets several months in advance typically pay less than consumers
purchasing at the last minute. When demand for a particular flight is high, airlines raise the
prices of available tickets.
15. Prestige Pricing
Marketing strategy where prices are set higher than normal because lower prices will hurt
instead of helping sales, such as for high-end perfumes, jewellery, clothing, cars, etc. Also called
image pricing.
Prestige pricing has a direct correlation with the brand and the perception of the customers
over the image of the company.
16. Full Cost Pricing
Full cost plus pricing is a price-setting method under which you add together the direct
material cost, direct labour cost, selling and administrative costs, and overhead costs for a
product, and add to it a mark-up percentage (to create a profit margin) in order to derive the
price of the product.
This method is most commonly used in situations where products and services are provided
based on the specific requirements of the customer; thus, there is reduced competitive pressure
and no standardized product being provided.
The method may also be used to set long-term prices that are sufficiently high to ensure a
profit after all costs have been incurred.