The document discusses several pricing strategies including penetration pricing, market skimming, value pricing, loss leader pricing, psychological pricing, going rate pricing, tender pricing, price discrimination, destroyer pricing, and contribution pricing. Penetration pricing uses a low initial price to gain market share, while market skimming uses a high initial price for new products. Value pricing sets prices according to customer perceptions of worth.
Price Wars content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Price Wars
Impacts of Price Wars
Examples of Price Wars
Pure monopoly is the form of market organisation in which there is a sinle seller of a commodity for which there are no close substitutes and there are barriers to entry
Monopoly - Profit-Maximization in Monopoly - EconomicsFaHaD .H. NooR
Monopoly Economics
A monopoly (from Greek μόνος mónos ["alone" or "single"] and πωλεῖν pōleîn ["to sell"]) exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few sellers dominating a market).[2] Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit.[3] The verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices.[4] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[4]
A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations in which one or a few entities have market power and therefore interact with their customers (monopoly or oligopoly), or suppliers (monopsony) in ways that distort the market.[citation needed]
Monopolies can be established by a government, form naturally, or form by integration.
In many jurisdictions, competition laws restrict monopolies. Holding a dominant position or a monopoly in a market is often not illegal in itself, however certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. A government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state, often to provide an incentive to invest in a risky venture or enrich a domestic interest group. Patents, copyrights, and trademarks are sometimes used as examples of government-granted monopolies. The government may also reserve the venture for itself, thus forming a government monopoly
Price Wars content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Price Wars
Impacts of Price Wars
Examples of Price Wars
Pure monopoly is the form of market organisation in which there is a sinle seller of a commodity for which there are no close substitutes and there are barriers to entry
Monopoly - Profit-Maximization in Monopoly - EconomicsFaHaD .H. NooR
Monopoly Economics
A monopoly (from Greek μόνος mónos ["alone" or "single"] and πωλεῖν pōleîn ["to sell"]) exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few sellers dominating a market).[2] Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit.[3] The verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices.[4] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[4]
A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations in which one or a few entities have market power and therefore interact with their customers (monopoly or oligopoly), or suppliers (monopsony) in ways that distort the market.[citation needed]
Monopolies can be established by a government, form naturally, or form by integration.
In many jurisdictions, competition laws restrict monopolies. Holding a dominant position or a monopoly in a market is often not illegal in itself, however certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. A government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state, often to provide an incentive to invest in a risky venture or enrich a domestic interest group. Patents, copyrights, and trademarks are sometimes used as examples of government-granted monopolies. The government may also reserve the venture for itself, thus forming a government monopoly
In this presentation, we will discuss about the concept and definition of wholesaling, characteristics of wholesaling, functions of wholesaler. We will also talk about services provide by the wholesaler to producers, retailers, consumers, growth and trend of wholesaler, types of wholesalers and wholesaler marketing decisions.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
A comprehensive account planning and strategy template. Strategy development and execution are critical to a successful selling environment. This template is an easy to follow yet powerful tool to increase sales success.
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Business Studies - Price
Pricing strategies and formulas are included and explained. This includes market-orientated pricing such as Going rate pricing, psychological pricing, market penetration, market skimming, loss leader pricing and destroyer pricing and cost-based pricing such as cost plus pricing, full cost pricing and contribution pricing
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
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While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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2. Penetration Pricing
Price set to ‘penetrate the market’
‘Low’ price to secure high volumes
Typical in mass market products – chocolate
bars, food stuffs, household goods, etc.
Suitable for products with long anticipated life
cycles
May be useful if launching into a new market
Results in a Larger Market Share
3. Market Skimming
High price, Low volumes
Skim the profit from the market
Suitable for products that have short life cycles or which will
face competition at some point in the future (e.g. after a patent
runs out)
Results in Fewer, More Profitable Sales.
Eg. Playstation, jewellery, digital technology, new DVDs, etc.
4. Value Pricing
Price set in accordance
with customer
perceptions about the
value of the
product/service
Examples include status
products/exclusive
products Companies may be able to set prices
according to perceived value.
5. Loss Leader
Goods/services deliberately sold below cost to
encourage sales elsewhere
Typical in supermarkets, e.g. at Diwali, selling
scented soap at Rs. 13 in the hope that people will
be attracted to the store and buy other things
Purchases of other items more than covers ‘loss’ on
item sold
6. Psychological Pricing
Used to play on consumer perceptions
Classic example – Rs.999 instead of Rs.1000!
Links with value pricing – high value goods priced
according to what consumers THINK should be the
price
7. Going Rate (Price Leadership)
In case of price leader, rivals have difficulty in competing
on price – too high and they lose market share, too low and
the price leader would match price and force smaller rival
out of market
May follow pricing leads of rivals especially where those
rivals have a clear dominance of market share
Where competition is limited, ‘going rate’ pricing may be
applicable – banks, petrol, supermarket products, electrical
goods – find very similar prices in all outlets
8. Tender Pricing
Many contracts awarded on a tender basis
Firm (or firms) submit their price for carrying out the
work
Purchaser then chooses which represents best value
Mostly done in secret
9. Price Discrimination
Charging a different price
for the same good/service
in different markets
Requires each market to
be impenetrable
Requires different price
elasticity of demand in
each market
Prices for rail travel differ for the same
journey at different times of the day
10. Destroyer/Predatory Pricing
Deliberate price cutting or offer of ‘free
gifts/products’ to force rivals (normally smaller
and weaker) out of business or prevent new
entrants
Anti-competitive and illegal if it can be proved
11. Contribution Pricing
Contribution = Selling Price – Variable (direct costs)
Prices set to ensure coverage of variable costs and a
‘contribution’ to the fixed costs
Similar in principle to marginal cost pricing
Break-even analysis might be useful in such
circumstances
12. Market Skimming Market Penetration
>Setting a High
Price for a New
Product to
Maximize
Revenues from the
Target Market.
>Results in Fewer,
More Profitable
Sales.
> Setting a Low Price
for a New Product
in Order to Attract
a Large Number of
Buyers.
>Results in a Larger
Market Share.
13. Pricing strategies
Premium pricing
Uses a high price, but gives a good product/service exchange
e.g. Concorde, The Ritz Hotel
Penetration pricing
offers low price to gain market share - then increases price
e.g. France Telecom - to attract new corporate clients (or
Telewest cable)
Economy pricing
placed at ‘no frills’, low price
e.g. Soups, spaghetti, beans - ‘economy’ brands
14. Price skimming
where prices are high - usually during introduction
e.g new albums or films on release
ultimately prices will reduce to the ‘parity’
Psychological pricing
to get a customer to respond on an emotional, rather than
rational basis
.e.g 99 not 100 ‘price point perspective
Product line pricing
rationale of a product range
e.g. DairyMilk 20, three-pack 60, chotu-size 2
Pricing variations
‘off-peak’ pricing, early booking discounts,etc
e.g offering a ‘cash back’ incentive for expensive goods
15. Optional product-pricing
e.g. optional extras - BMW famously under-equipped
Captive product pricing
products that complement others
e.g Gillette razors (low price) and blades (high price)
Product-bundle pricing
sellers combine several products at the same price
e.g software, books, CDs.
Promotional pricing
BOGOF e.g. toothpaste, soups, etc
16. Geographical pricing
different prices for customers in different parts of the
world
e.g.Include shipping costs, or place on PLC
Value pricing
usually during difficult economic conditions
e.g. Value menus at McDonalds