When should a company initiate price change
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The document discusses reasons for and strategies related to price changes in business. It notes that excess capacity, declining market share, and an attempt to dominate the market can lead to price cuts, though price cuts may not create loyalty and competition can match prices. It presents options for maintaining, raising, or maintaining but improving perceived quality. It also discusses circumstances like cost inflation and over demand that can lead to price increases, and methods to deal with over demand like delayed pricing, escalator clauses, and reducing discounts. An example shows a 1% price increase resulting in a 33.1% increase in profits.
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Pricing
This document discusses various aspects of pricing decisions and strategies. It defines price and lists common types of prices like rent, wages, etc. It outlines objectives of pricing such as profit, sales, stability. It also covers determinants of pricing like costs and competition. The document then describes different methods of setting prices including cost-plus, competition-based, and value-based pricing. It concludes by outlining pricing strategies over a product lifecycle and how to respond to price changes.
Pricing strategies
This document discusses pricing strategies and concepts. It covers setting pricing objectives and policies, determining costs and analyzing competitors. It discusses different pricing methods like market skimming pricing and market penetration pricing for new products. It also covers pricing adjustment strategies like discounts, segmented pricing and promotional pricing. Finally, it discusses reasons for initiating price cuts or increases and how to respond to competitors' price changes. The key takeaways are that pricing involves considering costs, competitors and customer value to determine the optimal price point. Pricing strategies can be used to maximize profits, market share or revenue based on business objectives and market conditions. Price changes also require understanding reasons for changes and managing customer and competitor reactions.
Retail pricing
This document discusses pricing strategies in retailing. It outlines several basic pricing options like discount orientation, market orientation, and upscale orientation. It also discusses external factors that affect retail pricing like consumers, government regulations, manufacturers/suppliers, and competitors. Specific consumer factors discussed include price elasticity and different consumer segments. The document then covers government issues around pricing like price fixing, price discrimination, and other laws. It also discusses how manufacturers/suppliers can impact retail pricing. Finally, it outlines factors to consider when developing a retail price strategy, including objectives, policies, and methods for adjusting prices.
Pricing
The document discusses pricing strategies and how to improve profit performance. It covers analyzing supply and demand curves, estimating costs and demand, analyzing competitors' prices, and selecting a pricing policy. Various pricing objectives and methods are described, such as cost-based pricing, demand-based pricing, and competition-based pricing. The impact of price increases and decreases on revenue, costs, and profits are also examined.
Pricing techniques
The document discusses various pricing techniques used by companies including price anchoring, price hiking, remodel pricing, complementary pricing, pleasure pricing, offer supportive pricing, sweet pricing, level pricing, and traditional pricing. Price anchoring involves placing premium priced items near standard items to influence consumer decisions. Price hikes should generally be less than 10% to reduce consumer pain. Remodel pricing offers flexible buying options like annual, half-yearly, and quarterly subscriptions. Complementary pricing bundles multiple products into a single price. Pleasure pricing focuses on conservative spenders and the value added by products. Offer supportive pricing provides reasons for promotions to build loyalty and trust.
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This document discusses pricing strategies and considerations. It covers setting pricing objectives like profit, market share, or quality leadership. It also discusses determining costs, demand, and competitors' prices. Pricing methods are described like market skimming to target high-paying customers or market penetration to attract more buyers. Types of pricing adjustments are explained such as discounts, promotions, or geographical pricing. Reasons for price increases or decreases are provided as well as how to respond to competitors' price changes. The document provides definitions and examples to help understand different pricing concepts and strategies.
3.adapting the price
This is a presentation based on the text book 'Marketing Management' by Philip Kotler. It describes about developing pricing strategies and programs.
Retail pricing
Theoretically, retailers maximize their profits by setting prices based on the price sensitivity of customers and the cost of merchandise and considering the prices being charged by competitors. Initial markup – retail selling price initially set for the merchandise minus the cost of the merchandise
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Pricing
This document discusses various aspects of pricing decisions and strategies. It defines price and lists common types of prices like rent, wages, etc. It outlines objectives of pricing such as profit, sales, stability. It also covers determinants of pricing like costs and competition. The document then describes different methods of setting prices including cost-plus, competition-based, and value-based pricing. It concludes by outlining pricing strategies over a product lifecycle and how to respond to price changes.
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This document discusses pricing strategies and concepts. It covers setting pricing objectives and policies, determining costs and analyzing competitors. It discusses different pricing methods like market skimming pricing and market penetration pricing for new products. It also covers pricing adjustment strategies like discounts, segmented pricing and promotional pricing. Finally, it discusses reasons for initiating price cuts or increases and how to respond to competitors' price changes. The key takeaways are that pricing involves considering costs, competitors and customer value to determine the optimal price point. Pricing strategies can be used to maximize profits, market share or revenue based on business objectives and market conditions. Price changes also require understanding reasons for changes and managing customer and competitor reactions.
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This document discusses pricing strategies in retailing. It outlines several basic pricing options like discount orientation, market orientation, and upscale orientation. It also discusses external factors that affect retail pricing like consumers, government regulations, manufacturers/suppliers, and competitors. Specific consumer factors discussed include price elasticity and different consumer segments. The document then covers government issues around pricing like price fixing, price discrimination, and other laws. It also discusses how manufacturers/suppliers can impact retail pricing. Finally, it outlines factors to consider when developing a retail price strategy, including objectives, policies, and methods for adjusting prices.
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The document discusses pricing strategies and how to improve profit performance. It covers analyzing supply and demand curves, estimating costs and demand, analyzing competitors' prices, and selecting a pricing policy. Various pricing objectives and methods are described, such as cost-based pricing, demand-based pricing, and competition-based pricing. The impact of price increases and decreases on revenue, costs, and profits are also examined.
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The document discusses various pricing techniques used by companies including price anchoring, price hiking, remodel pricing, complementary pricing, pleasure pricing, offer supportive pricing, sweet pricing, level pricing, and traditional pricing. Price anchoring involves placing premium priced items near standard items to influence consumer decisions. Price hikes should generally be less than 10% to reduce consumer pain. Remodel pricing offers flexible buying options like annual, half-yearly, and quarterly subscriptions. Complementary pricing bundles multiple products into a single price. Pleasure pricing focuses on conservative spenders and the value added by products. Offer supportive pricing provides reasons for promotions to build loyalty and trust.
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This document discusses pricing strategies and considerations. It covers setting pricing objectives like profit, market share, or quality leadership. It also discusses determining costs, demand, and competitors' prices. Pricing methods are described like market skimming to target high-paying customers or market penetration to attract more buyers. Types of pricing adjustments are explained such as discounts, promotions, or geographical pricing. Reasons for price increases or decreases are provided as well as how to respond to competitors' price changes. The document provides definitions and examples to help understand different pricing concepts and strategies.
3.adapting the price
This is a presentation based on the text book 'Marketing Management' by Philip Kotler. It describes about developing pricing strategies and programs.
Retail pricing
Theoretically, retailers maximize their profits by setting prices based on the price sensitivity of customers and the cost of merchandise and considering the prices being charged by competitors. Initial markup – retail selling price initially set for the merchandise minus the cost of the merchandise
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Price is the only element of the marketing mix that generates revenue. There are several stages to establishing prices, beginning with selecting a pricing objective and determining customer demand and costs. Common pricing strategies include cost-based pricing, competition-based pricing, differential pricing for different customer segments, and promotional pricing to temporarily reduce prices. The specific final price is determined based on the pricing objective, customer perceptions of value, demand analysis, and consideration of costs and competitive factors.
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This document discusses pricing strategies in retailing. It outlines several factors that affect retail pricing, including consumers, competitors, manufacturers/suppliers, and government regulations. It also describes basic pricing options like discount orientation, market orientation, and upscale orientation. The document then examines specific pricing strategies retailers can use, such as cost-plus pricing, competition-based pricing, and demand-based pricing. It provides examples of how to calculate markups and make price adjustments over time through markdowns. The overall aim of the pricing strategies discussed is for retailers to set prices that achieve profits while satisfying customers.
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This document discusses price management and pricing strategies. It defines price as the cost plus profit that a consumer is willing to pay. Pricing decisions are influenced by internal factors controlled by the company and external uncontrolled factors like demand, competition and legal regulations. The objectives of pricing include maximizing profits, market penetration, and flexibility. Pricing methods include cost-based methods, demand-based methods, and competition-based methods. For new products, companies may use skimming pricing, penetration pricing, or price discrimination. Pricing services also considers factors like the market structure, competitors' prices, and regulations.
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The document discusses different strategies for geographical pricing, which is adjusting an item's sale price based on the buyer's location. It provides examples of point-of-production pricing where the buyer pays all freight costs, uniform delivered pricing with the same price to all buyers, and zone-delivered pricing that divides markets into zones with a uniform price in each zone. It also discusses freight absorption pricing where the seller absorbs part of the freight cost to penetrate distant markets.
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This document discusses cost based pricing. Cost based pricing sets the price of a product based on the costs to produce it, including direct costs, indirect costs, and an additional amount for profit. The key advantages are that it is simple and flexible to adjust prices as costs change. However, it ignores factors like demand, competition, and brand positioning. There are different types of cost based pricing like cost plus pricing, full cost pricing, and target profit pricing.
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The document discusses retail pricing strategies. It begins by defining the goals of setting the right price that is acceptable to both consumers and retailers. It then outlines various external factors that influence pricing decisions. The document goes on to explain different pricing elements, objectives, and dependent variables that must be considered. It provides details on several specific pricing strategies retailers can employ, such as customary pricing, variable pricing, price lining, and leader pricing. It also discusses cost-oriented pricing approaches like markup pricing and markdown pricing. The overall document serves as a guide for retailers to understand how to establish prices for their merchandise.
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The document discusses various pricing strategies for products. It outlines four strategies based on price and quality levels: premium, good-value, overcharging, and economy. It also describes approaches for pricing new products, such as market skimming and market penetration. Additional strategies covered include product mix pricing, price adjustments, psychological pricing, promotional pricing, geographical pricing, and how to respond to competitor price changes.
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This document discusses various methods of pricing, including cost-oriented and market-oriented approaches. It describes mark-up pricing, absorption cost pricing, target-return pricing, perceived value pricing, going rate pricing, and auction-type pricing. For each method, it provides examples of industries that use that approach and explains how to calculate pricing using that method. The key methods discussed are mark-up pricing based on desired profit margins, absorption cost pricing which includes all costs, and target-return pricing where the profit margin is set based on desired return on investment.
How should a company set prices initially for product or services?
This document outlines 6 steps for companies to set initial prices for new products or services:
1. Select the pricing objective such as maximum profit, market share, or product leadership.
2. Determine demand for the product by estimating demand curves using surveys, price experiments, or statistical analysis of past sales.
3. Estimate costs including fixed, variable, total, and average costs of production and distribution.
4. Analyze competitors' costs, prices, and offers.
5. Select a pricing method like markup, target return, perceived value, value, or going rate pricing.
6. Consider other factors to select the final price like marketing activities, company policies, and impacts on customers and other parties
setting of price
This document outlines the six steps involved in setting a price for products and services: 1) selecting the pricing objective, 2) determining demand, 3) estimating costs, 4) analyzing competitors' costs, prices and offers, 5) selecting a pricing method, and 6) selecting the final price. It discusses factors like demand sensitivity, cost structure, competitors' prices, and customer perceptions that inform each step of the process. The overall goal is to establish a price that maximizes profits or other objectives, based on an analysis of market factors.
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This document discusses various pricing techniques businesses can use to set product prices, including cost-based pricing, demand-based pricing, competition-based pricing, and affordability-based pricing. It also identifies key internal factors like marketing objectives and costs, and external factors like elasticity of demand, government regulation, and customer expectations that affect pricing decisions.
How should a company set prices initially for products or services
Kartik Bhargava outlines 6 steps for setting a product price: 1) Select a pricing objective such as maximum profit or market share. 2) Determine demand through analyzing price sensitivity, demand curves, and price elasticity. 3) Estimate costs such as production costs and target costs. 4) Analyze competitors' prices, costs, and offers. 5) Select a pricing method such as cost-plus or competitive based pricing. 6) Select the final price considering other marketing activities, company policies, and price impacts on other parties.
Pricing Policies and Strategies
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.
Retail analytics - Improvising pricing strategy using markup/markdown
This document discusses pricing strategies for retailers. It proposes building a data warehouse to analyze pricing strategies like markups and markdowns. The data warehouse would help optimize these strategies to maximize profits. Key aspects discussed include extracting data from various sources, cleaning and transforming the data, then loading it into dimensional models. Visualizations would then help analyze inventory and sales data to make informed decisions around pricing slow and fast moving goods.
How should a company set prices initially for products or services
Developing pricing strategy and programs_chapter_13 of book "A south Asian perspective: Marketing Management" by Philip kotler, Kevin Lane keller, Abraham koshy, and Mithileshwar jha.
Ch 14 Setting Price
The document outlines 6 steps in setting price: 1) select the price objective, 2) determine demand, 3) estimate costs, 4) analyze competitor price mix, 5) select pricing method, and 6) select final price. Examples are provided for each step and pricing concepts are explained with diagrams and stories. The document aims to teach marketing concepts through illustrations and real-world examples from the author's blog.
Pricing
In this presentation, we will discuss the role and perception of pricing, factors that influences pricing decisions and pricing strategies.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Price Sensitivity Factors
This document discusses factors that impact price sensitivity for products and customers. It identifies several key factors that can help reduce price sensitivity, including customer satisfaction and loyalty, customer involvement with the product, uniqueness of the product, availability of substitutes, brand image, and customer spending power. Understanding these factors is important for product positioning and pricing strategies to protect profitability and improve sales.
Chp 4 pricing considerations
This document discusses various considerations for pricing decisions and strategies. It covers topics such as pricing objectives, analyzing demand curves, cost-based pricing, competition-based pricing, differential pricing strategies, product line pricing, psychological pricing techniques, and adjusting prices. Key factors that influence pricing decisions are identified, such as costs, demand, competition, target markets, and product life cycles. Different pricing strategies like price skimming, penetration pricing, and bundling are also explained.
Pricing Strategies
This document discusses pricing strategies and concepts. It covers setting pricing objectives and policies, determining costs and analyzing competitors. It discusses different pricing methods like market skimming pricing and market penetration pricing for new products. It also covers pricing adjustment strategies like discounts, segmented pricing and promotional pricing. Finally, it discusses reasons for initiating price cuts or increases and how to respond to competitors' price changes. The key takeaways are that pricing involves setting objectives, analyzing costs and competitors, and adjusting prices strategically in response to market conditions through methods like discounts, promotions or matching competitors.
Pricing
Compiled from Kotler and Ramaswamy Marketing book.
Enough for any ppt or notes necessity for exams from PRICING SECTION
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Survival
Maximum current profit
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Unit ii pricing
Price is the only element of the marketing mix that generates revenue. There are several stages to establishing prices, beginning with selecting a pricing objective and determining customer demand and costs. Common pricing strategies include cost-based pricing, competition-based pricing, differential pricing for different customer segments, and promotional pricing to temporarily reduce prices. The specific final price is determined based on the pricing objective, customer perceptions of value, demand analysis, and consideration of costs and competitive factors.
Retail pricing
This document discusses pricing strategies in retailing. It outlines several factors that affect retail pricing, including consumers, competitors, manufacturers/suppliers, and government regulations. It also describes basic pricing options like discount orientation, market orientation, and upscale orientation. The document then examines specific pricing strategies retailers can use, such as cost-plus pricing, competition-based pricing, and demand-based pricing. It provides examples of how to calculate markups and make price adjustments over time through markdowns. The overall aim of the pricing strategies discussed is for retailers to set prices that achieve profits while satisfying customers.
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This document discusses price management and pricing strategies. It defines price as the cost plus profit that a consumer is willing to pay. Pricing decisions are influenced by internal factors controlled by the company and external uncontrolled factors like demand, competition and legal regulations. The objectives of pricing include maximizing profits, market penetration, and flexibility. Pricing methods include cost-based methods, demand-based methods, and competition-based methods. For new products, companies may use skimming pricing, penetration pricing, or price discrimination. Pricing services also considers factors like the market structure, competitors' prices, and regulations.
Geographical pricing strategy
The document discusses different strategies for geographical pricing, which is adjusting an item's sale price based on the buyer's location. It provides examples of point-of-production pricing where the buyer pays all freight costs, uniform delivered pricing with the same price to all buyers, and zone-delivered pricing that divides markets into zones with a uniform price in each zone. It also discusses freight absorption pricing where the seller absorbs part of the freight cost to penetrate distant markets.
COST BASED PRICING
This document discusses cost based pricing. Cost based pricing sets the price of a product based on the costs to produce it, including direct costs, indirect costs, and an additional amount for profit. The key advantages are that it is simple and flexible to adjust prices as costs change. However, it ignores factors like demand, competition, and brand positioning. There are different types of cost based pricing like cost plus pricing, full cost pricing, and target profit pricing.
Retail Pricing 1
The document discusses retail pricing strategies. It begins by defining the goals of setting the right price that is acceptable to both consumers and retailers. It then outlines various external factors that influence pricing decisions. The document goes on to explain different pricing elements, objectives, and dependent variables that must be considered. It provides details on several specific pricing strategies retailers can employ, such as customary pricing, variable pricing, price lining, and leader pricing. It also discusses cost-oriented pricing approaches like markup pricing and markdown pricing. The overall document serves as a guide for retailers to understand how to establish prices for their merchandise.
Pricing
The document discusses various pricing strategies for products. It outlines four strategies based on price and quality levels: premium, good-value, overcharging, and economy. It also describes approaches for pricing new products, such as market skimming and market penetration. Additional strategies covered include product mix pricing, price adjustments, psychological pricing, promotional pricing, geographical pricing, and how to respond to competitor price changes.
Methods of pricing
This document discusses various methods of pricing, including cost-oriented and market-oriented approaches. It describes mark-up pricing, absorption cost pricing, target-return pricing, perceived value pricing, going rate pricing, and auction-type pricing. For each method, it provides examples of industries that use that approach and explains how to calculate pricing using that method. The key methods discussed are mark-up pricing based on desired profit margins, absorption cost pricing which includes all costs, and target-return pricing where the profit margin is set based on desired return on investment.
How should a company set prices initially for product or services?
This document outlines 6 steps for companies to set initial prices for new products or services:
1. Select the pricing objective such as maximum profit, market share, or product leadership.
2. Determine demand for the product by estimating demand curves using surveys, price experiments, or statistical analysis of past sales.
3. Estimate costs including fixed, variable, total, and average costs of production and distribution.
4. Analyze competitors' costs, prices, and offers.
5. Select a pricing method like markup, target return, perceived value, value, or going rate pricing.
6. Consider other factors to select the final price like marketing activities, company policies, and impacts on customers and other parties
setting of price
This document outlines the six steps involved in setting a price for products and services: 1) selecting the pricing objective, 2) determining demand, 3) estimating costs, 4) analyzing competitors' costs, prices and offers, 5) selecting a pricing method, and 6) selecting the final price. It discusses factors like demand sensitivity, cost structure, competitors' prices, and customer perceptions that inform each step of the process. The overall goal is to establish a price that maximizes profits or other objectives, based on an analysis of market factors.
Pricing techniques
This document discusses various pricing techniques businesses can use to set product prices, including cost-based pricing, demand-based pricing, competition-based pricing, and affordability-based pricing. It also identifies key internal factors like marketing objectives and costs, and external factors like elasticity of demand, government regulation, and customer expectations that affect pricing decisions.
How should a company set prices initially for products or services
Kartik Bhargava outlines 6 steps for setting a product price: 1) Select a pricing objective such as maximum profit or market share. 2) Determine demand through analyzing price sensitivity, demand curves, and price elasticity. 3) Estimate costs such as production costs and target costs. 4) Analyze competitors' prices, costs, and offers. 5) Select a pricing method such as cost-plus or competitive based pricing. 6) Select the final price considering other marketing activities, company policies, and price impacts on other parties.
Pricing Policies and Strategies
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.
Retail analytics - Improvising pricing strategy using markup/markdown
This document discusses pricing strategies for retailers. It proposes building a data warehouse to analyze pricing strategies like markups and markdowns. The data warehouse would help optimize these strategies to maximize profits. Key aspects discussed include extracting data from various sources, cleaning and transforming the data, then loading it into dimensional models. Visualizations would then help analyze inventory and sales data to make informed decisions around pricing slow and fast moving goods.
How should a company set prices initially for products or services
Developing pricing strategy and programs_chapter_13 of book "A south Asian perspective: Marketing Management" by Philip kotler, Kevin Lane keller, Abraham koshy, and Mithileshwar jha.
Ch 14 Setting Price
The document outlines 6 steps in setting price: 1) select the price objective, 2) determine demand, 3) estimate costs, 4) analyze competitor price mix, 5) select pricing method, and 6) select final price. Examples are provided for each step and pricing concepts are explained with diagrams and stories. The document aims to teach marketing concepts through illustrations and real-world examples from the author's blog.
Pricing
In this presentation, we will discuss the role and perception of pricing, factors that influences pricing decisions and pricing strategies.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Price Sensitivity Factors
This document discusses factors that impact price sensitivity for products and customers. It identifies several key factors that can help reduce price sensitivity, including customer satisfaction and loyalty, customer involvement with the product, uniqueness of the product, availability of substitutes, brand image, and customer spending power. Understanding these factors is important for product positioning and pricing strategies to protect profitability and improve sales.
Chp 4 pricing considerations
This document discusses various considerations for pricing decisions and strategies. It covers topics such as pricing objectives, analyzing demand curves, cost-based pricing, competition-based pricing, differential pricing strategies, product line pricing, psychological pricing techniques, and adjusting prices. Key factors that influence pricing decisions are identified, such as costs, demand, competition, target markets, and product life cycles. Different pricing strategies like price skimming, penetration pricing, and bundling are also explained.
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How should a company set prices initially for product or services?
How should a company set prices initially for product or services?
How should a company set prices initially for products or services
How should a company set prices initially for products or services
Retail analytics - Improvising pricing strategy using markup/markdown
Retail analytics - Improvising pricing strategy using markup/markdown
How should a company set prices initially for products or services
How should a company set prices initially for products or services
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Pricing Strategies
This document discusses pricing strategies and concepts. It covers setting pricing objectives and policies, determining costs and analyzing competitors. It discusses different pricing methods like market skimming pricing and market penetration pricing for new products. It also covers pricing adjustment strategies like discounts, segmented pricing and promotional pricing. Finally, it discusses reasons for initiating price cuts or increases and how to respond to competitors' price changes. The key takeaways are that pricing involves setting objectives, analyzing costs and competitors, and adjusting prices strategically in response to market conditions through methods like discounts, promotions or matching competitors.
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Compiled from Kotler and Ramaswamy Marketing book.
Enough for any ppt or notes necessity for exams from PRICING SECTION
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This document discusses pricing strategies and concepts. It begins by outlining different pricing objectives like survival, maximum profit, market share, etc. It then covers determining costs, analyzing competitors, and selecting a pricing method. There are different types of costs like fixed and variable costs. Price is set using the three C's model of considering costs, competitors, and customers. Key pricing strategies are also outlined like market skimming pricing, market penetration pricing, product mix pricing, discounts, and responding to competitor price changes. Factors that influence initiating price increases or decreases are examined as well as the advantages and disadvantages of price changes. In the end, there are discussion questions and an assignment provided.
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This chapter discusses strategies for setting prices, including selecting a pricing objective, determining demand and costs, analyzing competitors, and selecting a pricing method. It covers different types of costs like fixed and variable costs. The three C's model for price setting considers costs, competitors' prices, and customers' perceptions. Various pricing methods are outlined like markup pricing, target return pricing, and perceived value pricing. The chapter also discusses promotional pricing strategies and psychological factors that influence pricing.
Similar to When should a company initiate price change (20)
Pricing Products: Pricing Considerations and Strategies
Pricing Products: Pricing Considerations and Strategies
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The managers achieve organizational objectives by getting work from
others and not performing in the tasks themselves.
Management is an art and science of getting work done through people.
It is the process of giving direction and controlling the various activities
of the people to achieve the objectives of an organization Management is a universal process in all organized, social and economic activities. Wherever
there is human activity there is management.
Management is a vital aspect of the economic life of man, which is an organized group activity. A
central directing and controlling agency is indispensable for a business concern. The productive
resources –material, labour, capital etc. are entrusted to the organizing skill, administrative ability
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Management is a technique of extracting work from others in an integrated and co-ordinated
manner for realizing the specific objectives through productive use of material resources.
Mobilising the physical, human and financial resources and planning their utilization for business
operations in such a manner as to reach the defined goals can be benefited to as management.
1.3 DEFINITION OF MANAGEMENT
Management may be defined in many different ways. Many eminent authors on the subject have
defined the term "management". Some of these definitions are reproduced below:
In the words of George R Terry - "Management is a distinct process consisting of planning,
organising, actuating and controlling performed to determine and accomplish the objectives by the
use of people and resources".
According to James L Lundy - "Management is principally the task of planning, co¬ordinating,
motivating and controlling the efforts of others towards a specific objective",
In the words of Henry Fayol - "To manage is to forecast and to plan, to organise, to command, to
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When should a company initiate price change
- 3. • Circumstances leading to price cuts: – Excess plant capacity – Declining market share – Attempt to dominate the market via lower costs • Price cutting traps: – Price/quality perceptions – Low prices don’t create market loyalty – Competition may match or beat price cuts
- 4. Strategic OptionsStrategic Options ReasoningReasoning ConsequencesConsequences 1. Maintain price and1. Maintain price and perceived quality.perceived quality. Engage in selectiveEngage in selective customer pruning.customer pruning. Firm has higher customerFirm has higher customer loyalty. It is willing to loseloyalty. It is willing to lose poorer customers topoorer customers to competitors.competitors. Smaller market share.Smaller market share. Lowered profitability.Lowered profitability. 2. Raise price and2. Raise price and perceived quality.perceived quality. 3. Maintain price and raise3. Maintain price and raise perceived quality.perceived quality. Raise price to cover risingRaise price to cover rising costs. Improve quality tocosts. Improve quality to justify higher prices.justify higher prices. It is cheaper to maintainIt is cheaper to maintain price and raise perceivedprice and raise perceived quality.quality. Smaller market share.Smaller market share. Maintained profitability.Maintained profitability. Smaller market share.Smaller market share. Short-term decline inShort-term decline in profitability. Long-termprofitability. Long-term increase in profitability.increase in profitability.
- 5. • Circumstances leading to price increases: – Cost inflation – Over demand • Methods of dealing with over demand: – Delayed quotation pricing – Escalator clauses – Unbundling – Reduction of discounts
- 6. 16-6 Table 16.4: Profits Before and After a Price Increase BeforeBefore AfterAfter PricePrice $ 10$ 10 $10.10$10.10 (a 1 percent price increase)(a 1 percent price increase) Units soldUnits sold 100100 100100 RevenueRevenue $1000$1000 $1010$1010 CostsCosts -970-970 -970-970 ProfitProfit $ 30$ 30 $ 40$ 40 (a 33 1/3 percent profit(a 33 1/3 percent profit increase)increase) Initiating and Responding to Price Changes