Ch14 Developing Pricing Strategies and Programs Zaragoza V54
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Consumers use price as an indicator of product quality. There are four key points that influence consumer price perceptions: reference prices, price-quality inferences, price endings, and price cues. Companies set goals for their market positioning, like gaining market share or leadership, and then select prices using methods that consider customer demand. Common pricing strategies include promotional pricing, geographical discounts, and differentiated pricing to increase sales and profits.
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Pricing products and services can be stressful for businesses. Finding the perfect price requires balancing customer perceptions with profitability. Customers are influenced by various pricing cues like sale signs, prices ending in 9, signpost items priced below competitors, and pricing guarantees. Businesses should test which cues work best for their products and customers over time to maximize sales and loyalty while maintaining appropriate prices.
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This document outlines 10 concepts related to pricing strategies and programs from a marketing management textbook. It discusses understanding pricing in a changing environment where internet allows for price discrimination. It also covers adapting prices through geographic pricing, discounts, promotions and differential pricing. Specific strategies for initiating or responding to price changes like cuts or increases are presented. Examples are provided to illustrate key points.
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The document discusses key concepts in developing pricing strategies and programs. It provides 10 learning questions related to pricing objectives, determining demand and price sensitivity, pricing methods, and factors to consider when selecting the final price. Specifically, it addresses pricing mistakes, the steps in setting price, consumer pricing psychology, pricing objectives, factors affecting price sensitivity, and approaches for avoiding price shock. The questions cover topics like reference pricing, price-quality inferences, geographical pricing, and the impact of other marketing activities on price.
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A manager must consider many factors when setting a price, including demand, customer perceptions, costs, competition, and the company's image. There are different pricing strategies such as cost-plus, target return, break-even, and competition-oriented pricing. The price set can affect buyers' perceptions and competitors' reactions.
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This document outlines various pricing strategies and concepts. It discusses new product pricing strategies like market skimming and market penetration pricing. It also covers product mix pricing strategies, price adjustment strategies, factors to consider when making price changes, and public policy issues related to pricing.
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Pricing products and services can be stressful for businesses. Finding the perfect price requires balancing customer perceptions with profitability. Customers are influenced by various pricing cues like sale signs, prices ending in 9, signpost items priced below competitors, and pricing guarantees. Businesses should test which cues work best for their products and customers over time to maximize sales and loyalty while maintaining appropriate prices.
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A manager must consider many factors when setting a price, including demand, customer perceptions, costs, competition, and the company's image. There are different pricing strategies such as cost-plus, target return, break-even, and competition-oriented pricing. The price set can affect buyers' perceptions and competitors' reactions.
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1) Developing pricing objectives which are goals that describe what a firm wants to achieve through pricing and must be consistent with overall marketing objectives.
2) Assessing the target market's evaluation of price which helps marketers understand how important price is to customers.
3) Evaluating competitors' prices to determine how prices compare and help set competitive prices.
4) Selecting a basis for pricing such as cost-based, demand-based, or competition-based pricing depending on factors like the product, market, and brand.
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This document discusses pricing strategy and methods. It covers various approaches to initially setting prices such as cost-based, competitor-based, and customer value-based pricing. Factors that influence pricing decisions are also examined, including price sensitivity of customers. The document outlines how companies can initiate price changes and strategies for responding to price wars initiated by competitors.
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Non price competition is among the characteristics of Oligopoly market where firms compete to win the market share by aggressive advertisement programs rather than price. The climax of Non-price competition is the formation of Cartels which are illegal in most economies.
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The document discusses the meaning and objectives of pricing. It states that price is an element of marketing that generates revenue, and is the easiest element to adjust compared to other factors like product features or communications. Price also communicates the intended value positioning of a brand. The document then discusses consumer psychology and pricing, noting that consumers have lower and upper price thresholds and reference prices. It outlines three basic issues in pricing: reference prices, price-quality inferences, and price endings. The document concludes by describing the six step process of setting prices, which includes determining objectives, demand, costs, competitors, selecting a pricing method, and the final price.
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The document discusses various pricing strategies that companies can use including penetration pricing, premium pricing, price skimming, economy pricing, and psychological pricing. It provides details on penetration pricing, including that it aims to capture market share by entering with a low price. While it can help with adoption and word-of-mouth initially, it can also establish long-term low price expectations that are difficult to raise later. Price skimming is described as launching a new product at a high initial price to earn high profits before gradually lowering costs over time. The advantages include high margins for cost recovery but disadvantages include increased competition and potentially limiting sales.
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Developing effective pricing strategies involves considering consumer psychology and reference pricing, setting an initial price based on objectives, costs, demand, and competitors, and adapting the price over time using techniques like discounts, promotional pricing, and geographical pricing. The document outlines the key factors to examine when developing a pricing strategy, including consumer perceptions, costs, market conditions, and competitors' approaches.
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The document discusses pricing strategies and considerations for products. It contrasts three approaches to price setting: cost-based, value-based, and competition-based. It also discusses pricing objectives, calculating breakeven points, and factors that influence pricing decisions such as costs, demand elasticity, and competitors. The document also defines the five main promotional tools of advertising, personal selling, sales promotion, public relations, and their various applications.
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This document discusses various pricing strategies and considerations. It begins by explaining that price cannot be determined in isolation and is determined by the intersection of what the buyer and seller value. It then discusses 3 main determinants of pricing: 1) the value to the customer, 2) the seller's costs, and 3) the influence relationship between buyer and seller. The document goes on to describe different pricing strategies such as skimming, penetration, maintaining price, increasing or decreasing price for new and established products. It also discusses flexible pricing, product line pricing, leasing, bundling, price leadership, and strategies to build a market.
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The document discusses various considerations and approaches for setting prices. It identifies internal factors like costs, organizational structure, and marketing objectives, and external factors like demand, competitors' prices, and the economic environment. It contrasts three general pricing approaches: cost-based pricing which adds a markup to costs; value-based pricing which considers customers' perceived value; and competition-based pricing which sets prices relative to competitors.
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The document discusses various principles of pricing, including:
1) Pricing is the assignment of value for a good or service that customers must pay to acquire it. Price captures some of the value created and is an important marketing lever.
2) Non-monetary costs like time, convenience and psychological factors influence customer perceptions of value and must be considered in pricing.
3) Developing pricing strategies requires understanding demand, costs, competitors and evaluating the business environment. Common strategies include cost-based, demand-based, yield management and competition-based approaches.
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Unit1 marketing mix price
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1) Developing pricing objectives which are goals that describe what a firm wants to achieve through pricing and must be consistent with overall marketing objectives.
2) Assessing the target market's evaluation of price which helps marketers understand how important price is to customers.
3) Evaluating competitors' prices to determine how prices compare and help set competitive prices.
4) Selecting a basis for pricing such as cost-based, demand-based, or competition-based pricing depending on factors like the product, market, and brand.
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The document discusses marketing mix principles, focusing on pricing strategies. It defines key pricing concepts like list price, discounts, and payment terms. It then examines different pricing strategies businesses use like penetration pricing, skimming pricing, competition pricing, product line pricing, bundle pricing, and psychological pricing. The goal of these strategies is to maximize profits by finding the optimal price point that considers costs, competition, customer willingness to pay, and other factors. Pricing is an important element of the marketing mix as it directly generates revenue.
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Essay Questions:
1. Identify and discuss reasons why firms become so infatuated with pricing. Why is pricing given a great deal of attention?
Answer/ ANS:
There is no other component of the marketing program that firms become more infatuated with than pricing. There are at least four reasons for the attention given to pricing. First, the revenue equation is pretty simple: Revenue equals the price times quantity sold. There are only two ways for a firm to grow revenue: increase prices or increase the volume of product sold. Rarely can a firm do both simultaneously. Although there are literally hundreds of ways to increase profit by controlling costs and operating expenses, the revenue side has only two variables—one being price and the other being heavily influenced by price.
A second reason that firms become enamored with pricing is that it is the easiest of all marketing variables to change. Although changing the product and its distribution or promotion can take months or even years, changes in pricing can be executed immediately in real time. Likewise, product, distribution, or promotion changes can also be quite expensive, especially if research and development (R&D) or production must be rescheduled. Conversely, changing prices is a very low-cost option.
The third reason for the importance of pricing is that firms take considerable pains to discover and anticipate the pricing strategies and tactics of other firms. Salespeople learn to read a competitor’s price sheet upside down at a buyer’s desk. Retailers send “secret shoppers” into competitors’ stores to learn what they charge for the same merchandise. In this age of e-commerce, tracking what competitors charge for their goods and services has become so daunting that an entire price-tracking industry has emerged.
Finally, pricing is given a great deal of attention because it is considered to be the only real means of differentiation in mature markets plagued by commoditization. When customers see all competing products as offering the same features and benefits, their buying decisions are primarily driven by price.
Having a solid understanding of these issues is important because far too many firms and their managers use a seat-of-the-pants approach to pricing by guessing the best price for their goods and services. Guessing is never a good strategy in marketing; it can be downright deadly when it comes to setting prices.
2. In many (if not most) circumstances, cutting prices to increase sales volume is not a good idea. Explain why this is so. What are some alternatives that are preferable to cutting prices?
Answer/ ANS: All marketers understand the relationship between price and revenue. However, firms cannot charge high prices without goo.
CHAPTER-4-Setting-price-levels-mgmt20.pptx
This document discusses pricing strategies over a product's life cycle. It outlines the four stages of a product life cycle: introduction, growth, maturity, and decline. For each stage, it provides pricing strategies and considerations. For example, in the introduction stage prices can be set high if the product is unique, or low to attract customers and compete if the market already has alternatives. In maturity, discounts and promotions can create curiosity to combat saturation. The goal is to understand how pricing impacts sales and profits at each phase of a product's time in the market.
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The document discusses developing pricing strategy and provides information on:
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- Common pricing mistakes like not adjusting for market changes
- Consumer psychology related to pricing like reference prices
- Methods for setting prices like cost-based, demand-based, competition-oriented pricing
- Steps in setting price which include selecting objectives, determining demand, analyzing costs and competition
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Pure marketing starts with Marketing strategies.a base of marketing strategy to achieve a target market is discussed in marketing mix.A Power point which consists of all information's about what a marketing mix is and what are all its types and how it can be used effectively.
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The document discusses the importance of understanding competitors and customers through competitor analysis. It outlines the steps in analyzing competitors, including identifying competitors, assessing their objectives and strengths/weaknesses, and selecting which to attack or avoid. It also discusses different competitive strategies like overall cost leadership, differentiation, and focus. Companies must balance being customer-centered and competitor-centered to become truly market-centered.
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The document discusses branding and marketing strategies at different stages of the product lifecycle. It defines positioning and differentiation strategies. It explains that in the introduction stage, marketing focuses on early adopters through high prices and promotions or low prices and promotions. In the growth stage, sales rapidly increase as more consumers buy the product, competitors enter the market, and prices may fall slightly while promotion is maintained.
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This document discusses how marketers can design marketing programs to build brand equity. It explains that marketing activities like product, pricing, and distribution strategies can enhance brand awareness, image, responses, and resonance if integrated properly. The document then covers new perspectives in marketing like digitalization and ways marketers are moving away from mass strategies. It proposes using personalized approaches like experiential, one-to-one, and permission marketing to build relationships while still providing control. Finally, it discusses integrating brands into supporting marketing programs like product, pricing, and channel strategies.
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This document discusses how marketers can design marketing programs to build brand equity. It explains that marketing activities like product, pricing, and distribution strategies can enhance brand awareness, image, responses, and resonance if integrated properly. The chapter discusses new perspectives in marketing like digitalization and how marketers are moving away from mass strategies. It then covers topics like experiential marketing, one-to-one marketing, permission marketing, and how to integrate these new approaches with traditional activities and the marketing mix to strengthen brands.
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price
1) KFC sets prices using a sales-oriented objective to maximize market share. It considers factors like demand, costs, competition and large customer demands.
2) KFC estimates demand and costs at different price points to determine the optimal price that meets its sales goals while earning profits.
3) KFC uses promotional strategies like discounts and bundles to increase demand and adjusts prices over time based on the product life cycle.
Activities in the Company
The document discusses various activities in a company including procurement and production, marketing, human resources, and financing. It covers key marketing concepts such as the 4Ps (product, price, place, promotion), market research, market segmentation, competition, and the product lifecycle. Specifically, it discusses how companies identify customer needs through research, develop products and pricing strategies to target different market segments, and use promotional methods and distribution channels to raise awareness and make products available to customers.
Activities in the Company
The document discusses the key activities that take place within a company, including procurement and production, commercial and marketing activities, human resources, and financing and investment. It provides details on each of these functions. Specifically, it outlines the various types of utility that are created through production and distribution of goods to satisfy customer needs. It also discusses the key elements of marketing including market research, identifying market segments, the marketing mix of product, price, place and promotion, and how companies use different strategies for each element.
Top 10 Improved Learning Questions
This document contains sample questions and answers related to marketing chapters. It includes:
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- Questions are provided as examples for improving learning and assessing understanding of key concepts. Some questions are improved by rephrasing or adding context.
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1. The document outlines a 10 step marketing plan template for McDonald's SM Fairview store. It provides guidance on defining the target market, understanding customer needs and competition, analyzing the market size, and developing marketing strategies.
2. Key aspects of the plan include identifying the primary customer group, their needs and purchase criteria. It also evaluates competitors' products and positioning to identify opportunities.
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Ch14 Developing Pricing Strategies and Programs Zaragoza V54
- 1. TOP 10 Learning Questions for Ch 14 Developing Pricing Strategies and Programs Zaragoza April 15, 2011 meghanngettingthere.blogspot.com
- 3. Consumers arrive at Price Perceptions via 4 Key Points meghanngettingthere.blogspot.com Reference Prices Price – quality Inferences Price Endings Price Cues
- 4. Because of PRICE, consumers make JUDGEMENTS when COMPARING SIMILAR PRODUCTS meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition $20.88 $14.68 400 Tablets 270 Tablets
- 7. Prices with rightmost numbers “9” or an odd number are deemed to be a BARGAIN meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 8. meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition Moreover, products tagged with prices with rightmost numbers “.00 c” are deemed to be of SUPERIOR QUALITY $50.00 $16.99 Trattoria Steaks-to-Go
- 11. Consumers may GUESS the price of one product by COMPARING it to a similar product they ALREADY KNOW of meghanngettingthere.blogspot.com Reference Prices
- 12. A company would price its product LOWER than its MAIN COMPETITOR’s product meghanngettingthere.blogspot.com Reference Prices
- 15. No. of Signs, Exposure = Effectivity meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition Price Cues
- 16. The amount of signs affect the shopping behavior of consumers meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition Price Cues
- 19. Setting Price STEP 1: Companies decides its GOAL of where it wants to POSITION its MARKET OFFERING meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 20. The price set by the company helps them achieve their GOAL in the MARKET. Setting the RIGHT PRICE allows a company to adjust its production to make them an industry leader. meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 23. Setting Price STEP 1: Companies decides its GOAL of where it wants to POSITION its MARKET OFFERING meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 24. In times of crisis, companies focus on one goal and resort to strategies that stabilize their business and keep them afloat. meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 27. Setting Price STEP 5: SELECT Prices through 6 METHODS considering 3 Different Factors meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition Markup Target-return Perceived-value Going-rate Auction-type Value
- 28. This factor is what MAINLY DRIVES any company to PRODUCE and PRICE SET meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 31. STEP 5 in Price Setting: Method# 6 -- LET THEM BID meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 32. Sellers price similar products DIFFERENTLY to make them more COMPETITIVE in the market meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 35. meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition Companies lower prices in order to INCREASE PROFITS
- 36. Companies lower prices in order to INCREASE PROFITS meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 39. This method helps COMPANIES INCREASE SALES meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 40. This method also helps to increase publicity and demand meghanngettingthere.blogspot.com From Philip Kotler’s, Marketing Management, 13 th Edition
- 42. TOP 10 Learning Questions for Ch 14 Developing Pricing Strategies and Programs Zaragoza April 15, 2011 meghanngettingthere.blogspot.com