PRICING STRATEGY.pdf
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This document discusses pricing concepts, objectives, strategies, and factors. It begins by outlining the objectives of understanding pricing, objectives of pricing, factors influencing pricing, and pricing strategies. It then defines price and lists common pricing objectives including maximum profit, market share, product quality leadership, and matching competitors' prices. Key factors affecting pricing are identified as costs, competition, company objectives, target customers, and their willingness to pay. Common pricing strategies are then outlined, such as penetration pricing, competition pricing, bundle pricing, and premium pricing. The document provides details on various pricing strategies and concepts including price adjustment strategies, value-based versus cost-based pricing, and internal and external factors influencing pricing decisions.
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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.
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Price is a key element of the marketing mix that generates revenue. It communicates the value of a product and is determined based on customer perceived value and costs. When setting prices, companies analyze factors like demand, costs, competition and select objectives like profit maximization. Appropriate pricing requires estimating demand curves and price elasticity to understand customer sensitivity.
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Pricing methods..
Cost-based pricing methods include mark-up pricing, absorption cost pricing, target rate of return pricing, and marginal cost pricing. Demand-based pricing methods are determined by what the traffic can bear, skimming pricing, and penetration pricing. Other pricing methods include competition-oriented pricing, product line pricing, tender pricing, affordability-based pricing, and differentiated pricing. Pricing strategies must be appropriate for achieving the desired objectives of the firm.
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This document defines and provides examples of various pricing strategies used in marketing management:
Premium pricing sets a higher price than competitors to position a product as higher quality. Penetration pricing aims to gain market share by initially pricing lower than competitors. Psychological pricing sets prices just below a whole number as customers are less likely to round up. Bundling combines two products into one package at a discounted price to move excess inventory.
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Price is a key element of the marketing mix that generates revenue. It communicates the value of a product and is determined based on customer perceived value and costs. When setting prices, companies analyze factors like demand, costs, competition and select objectives like profit maximization. Appropriate pricing requires estimating demand curves and price elasticity to understand customer sensitivity.
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Cost-based pricing methods include mark-up pricing, absorption cost pricing, target rate of return pricing, and marginal cost pricing. Demand-based pricing methods are determined by what the traffic can bear, skimming pricing, and penetration pricing. Other pricing methods include competition-oriented pricing, product line pricing, tender pricing, affordability-based pricing, and differentiated pricing. Pricing strategies must be appropriate for achieving the desired objectives of the firm.
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Premium pricing sets a higher price than competitors to position a product as higher quality. Penetration pricing aims to gain market share by initially pricing lower than competitors. Psychological pricing sets prices just below a whole number as customers are less likely to round up. Bundling combines two products into one package at a discounted price to move excess inventory.
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Product line,Product MIX,Product line pricing,
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This document discusses various pricing strategies and considerations for setting prices, including:
1) Cost-based pricing which sets prices based on costs plus profit margin, and value-based pricing which sets prices based on customer perceptions of value.
2) Other pricing strategies like competition-based pricing, market-skimming for new products, and segmented pricing which charges different prices to different customer groups.
3) Ways to adjust prices like discounts, promotions, and geographical price variations based on location of customers.
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Product line,Product MIX,Product line pricing,
Product line pricing refers to the practice of reviewing and setting prices for multiple products in coordination with one another.)
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Pricing different products within the same product range at different price points.
The greater the features and the benefit obtained the greater the consumer will pay. This form of price discrimination assists the company in maximizing turnover and profits.
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Building profitable customer relationships
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Analyzing their competitors
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Pricing Basics: Meaning, The Role of Pricing, Importance, and Factors influencing pricing decisions
Setting the Price: Setting pricing objectives, Determining demand, Estimating costs, Analyzing competitors’ pricing, Selecting pricing method, Selecting final price.
Types of Pricing Strategies- Competition-Based Pricing, Cost-Plus Pricing, Dynamic Pricing, Freemium Pricing, High-Low Pricing, Hourly Pricing, Skimming Pricing, Penetration Pricing, Premium Pricing, Project-Based Pricing,Value-Based Pricing, Bundle Pricing, Psychological Pricing, Geographic Pricing
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Price is determined by several factors including costs, customer perceived value, and competition. There are three main approaches to pricing: cost-based pricing which adds a markup to costs, value-based pricing based on customer perceptions, and competition-based pricing which matches competitors' prices. Other pricing strategies include penetration pricing to gain market share, market skimming to extract profits from early adopters, loss leader pricing to attract customers, and psychological pricing to influence perceptions. Product line, bundle, and segmented pricing are also used to target different customer groups.
it a ppt about pricing of products, a ne
* Fixed Costs = Rs. 100,000
* Selling Price per unit = Rs. 4
* Variable Costs per unit = Rs. 2
* Required Profit = Rs. 50,000
* Break Even Point (in Units) = Fixed Costs / (Selling Price per unit - Variable Costs per unit)
= Rs. 100,000 / (Rs. 4 - Rs. 2)
= Rs. 100,000 / Rs. 2
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The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because they did not want to share their wealth. The universal law of attraction is simple. We attract whatever we choose to give our attention to. If we focus on bad things, we will attract more bad things. But the minute you stop focusing on bad and focus on good, you change the pattern and now good things start coming your way.
If we knew the law of attraction and applied it in our lives daily, we would have so much power and control that it would be scary. We could have what we wanted, and when we wanted it. We would have total control of our lives. If you think of yourself as a powerful attractor, you will attract more of what you want in your life, simply by thinking about it, then acting on it. But there is one ingredient you cannot leave out or the law of attraction won't work.
When we think of an object in our mind, we then send that image to our hearts and act on it with emotion. A formula makes this easy to follow: TFAR (Thoughts, Feelings, Actions, and Results) When we take necessary action, the universe shows up and gives us the results we wanted.
The law of attraction works by performing three steps. And these steps must be done for the process to work. These steps are:
1. Getting clear. You must know what it is you want or else you won’t get it. The universe won’t know what you are asking for, so how can it deliver?
2. Vibrate to the level of energy corresponding to what you want. If you want something and you think about it, feel it, and act on it, you must keep that level of energy going until you achieve the results you are after.
3. Attract what you want like a magnet. If you focus on what you want but don’t allow it to come into your life, it won’t. You have to be willing to accept it and acknowledge it. Then when you act, it will occur.
Whatever you do during the course of a day, whatever thoughts you think about, you are attracting. If you use it every day, regularly, and practice it this way, you will eventually find that it becomes a habit that you will subconsciously practice.
You may not believe it, but the steps you need to take are easy. But you must do them, believe in them, and believe in yourself, or they will not work. Are you ready to get tuned into the universe and get clear? Can you work in harmony with the laws of the universe and become successful?
If so here are the steps you need to follow:
1. Get clear. You must know exactly what it is you want. If you are in doubt, vague, or too general, you won’t get anywhere. You must know exactly what it is you want first. Only then will you be able to focus and concentrate on that thought?
2. Visualize what you want and vibrate to it. You must form a mental image in your mind so you can see it as if you had it in your possession. For women, you can do the
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- 1. Dr. Shanti Suresh SIES COLLEGE OF COMMERCE & ECONOMIC
- 2. OBJECTIVES • Understanding the concept Pricing • Objectives of Pricing • Factors influencing pricing • Pricing strategies
- 3. What is Price Price is the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service. Price is the value that is put to a product…
- 4. Pricing objectives • Survival • Maximum current profit • Maximum market share • Maximum market skimming • Product-quality leadership • Increase Sales Volume • Company Growth • Match Competitors Price • Create Interest & Excitement about the Product • Discourage Competitors From cutting Price • Social, Ethical & Ideological Objectives • Discourage New Entrants
- 5. Factor affecting pricing • Fixed and variable costs. • Competition • Company objectives • Proposed positioning strategies. • Target group and willingness to pay
- 6. 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
- 8. Types of pricing strategy 1. Penetration Pricing 2. Skimming Pricing 3. Competition Pricing 4. Economy Pricing 5. Bundle Pricing (Combo) 6. Psychological Pricing 7. Premium Pricing 8. One price policy 9. Discounting Pricing 10. Discriminatory Pricing 11. Promotional Pricing 12. Product line Pricing
- 11. SKIMMING PRICING
- 13. ECONOMY PRICING
- 14. BUNDLE PRICING
- 16. PREMIUM PRICING
- 17. ONE PRICE POLICY
- 18. DISCOUNT PRICING
- 19. DISCRIMINATORY PRICING 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
- 21. Setting Pricing Policy 1. Selecting the pricing objective 2. Determining demand 3. Estimating costs 4. Analyzing competitors’ costs, prices, and offers 5. Selecting a pricing method 6. Selecting final price
- 22. Price-Adjustment Strategies • Adjusting Prices for Psychological Effect. •Price Used as a Quality Indicator. • Temporarily Reducing Prices to Increase Short-Run Sales. • i.e. Loss Leaders, Special-Events • Adjusting Prices to Account for the Geographic Location of Customers. • i.e. FOB-Origin, Uniform-Delivered, Zone Pricing, Basing-Point, & Freight-Absorption. • Adjusting Prices for International Markets. • Price Depends on Costs, Consumers, Economic Conditions & Other Factors. Psychological Pricing Promotional Pricing Geographical Pricing International Pricing
- 24. Internal and External Considerations Affecting Price Decision Overall marketing Strategy, Objectives & Mix Organizational Considerations The Economy The Government Social Concerns The Market & Demand 9- 24
- 25. What products have inelastic demand? Elastic?
- 29. Responding to Price Changes
- 30. Pricing within Channel Levels Prohibit Price fixing – talking with competitors to set prices Predatory pricing – selling below cost with the intention of punishing a competitor orputting them out of business
- 31. Pricing across Channel Levels Prohibited Price discrimination ensure same price to customers at given level of trade Price maintenance –requiring dealers to charge a specified retailprice Deceptive pricing – seller states price that may mislead customers
- 32. Dr. Shanti Suresh, S.I.E.S College of Commerce & Economics 32