Chapter 16. Developing Pricing Strategies and Programs. Copyright 2016 Pearson Education Ltd. 16-1
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1 Chapter 16 Developing Pricing Strategies and Programs Copyright 2016 Pearson Education Ltd. 16-1
2 Understanding Pricing Pricing in a digital world Get instant vendor price comparisons Check prices at the point of purchase Name your price and have it met Get products free Monitor customer behavior & tailor offers Give customers access to special prices Negotiate prices online or even in person Copyright 2016 Pearson Education Ltd. 16-2
3 Understanding Pricing A changing pricing environment Sharing economy Bartering Renting Copyright 2016 Pearson Education Ltd. 16-3
4 SHARING ECONOMY Time banking 21M Co-Working Spaces Jaqp3KQ Food Sharing EatWith Copyright 2016 Pearson Education Ltd. 16-4
5 Understanding Pricing How companies price Small companies: boss Large companies: division/product line managers How companies should price Understanding of consumer pricing psychology a systematic approach to setting, adapting, and changing prices Copyright 2016 Pearson Education Ltd. 16-5
6 Consumer Psychology and Pricing Reference prices Price-quality inferences Price endings Copyright 2016 Pearson Education Ltd. 16-6
7 Reference Prices Copyright 2016 Pearson Education Ltd. 16-7
8 Setting the Price Copyright 2016 Pearson Education Ltd. 16-8
9 Copyright 2016 Pearson Education Ltd. 16-9
10 Step 1: Selecting the Pricing Objective Survival Maximum current profit Other objectives Maximum market share Product-quality leadership Maximum market skimming Copyright 2016 Pearson Education Ltd
11 Price sensitivity Step 2: Determining Demand Estimating demand curves Surveys, price experiments, & statistical analysis Price elasticity of demand Copyright 2016 Pearson Education Ltd
12 Figure 16.1 Inelastic And Elastic Demand Copyright 2016 Pearson Education Ltd
13 Price Sensitivity Copyright 2016 Pearson Education Ltd
14 Step 3: Estimating Costs Types of costs and levels of production Fixed vs. variable costs Total costs Average cost Copyright 2016 Pearson Education Ltd
15 Step 3: Estimating Costs Accumulated production Experience/learning curve Copyright 2016 Pearson Education Ltd
16 Step 3: Estimating Costs Target costing Price less desired profit margin Copyright 2016 Pearson Education Ltd
17 Step 4: Analyzing Competitors Prices Firm must take competitors costs, prices, & reactions into account Value-priced competitors Copyright 2016 Pearson Education Ltd
18 Step 5: Selecting a Pricing Method Figure 16.4: three major considerations in price Costs = price floor Competitors prices = orienting point Customers assessment of unique features = price ceiling Copyright 2016 Pearson Education Ltd
19 Step 5: Selecting a Pricing Method Markup pricing Add a standard markup to the product s cost Copyright 2016 Pearson Education Ltd
20 Step 5: Selecting a Pricing Method Target-return pricing Price that yields its target rate of return on investment Copyright 2016 Pearson Education Ltd
21 Step 5: Selecting a Pricing Method Perceived-value pricing Based on buyer s image of product, channel deliverables, warranty quality, customer support, and softer attributes (e.g., reputation) Copyright 2016 Pearson Education Ltd
22 Copyright 2016 Pearson Education Ltd
23 Step 5: Selecting a Pricing Method Value pricing EDLP High-low pricing Going-rate pricing Copyright 2016 Pearson Education Ltd
24 Step 5: Selecting a Pricing Method Auction-type pricing English (ascending) Dutch (descending) Sealed-bid Copyright 2016 Pearson Education Ltd
25 Step 6: Selecting the Final Price Additional factors to select final price: Impact of other marketing activities Company pricing policies Gain-and-risk-sharing pricing Impact of price on other parties Copyright 2016 Pearson Education Ltd
26 IMPACT OF OTHER MARKETING ACTIVITIES Copyright 2016 Pearson Education Ltd
27 Adapting the Price Geographical pricing Barter : no money, no 3 rd party Compensation deal: % cash, rest in products Buyback arrangement: plant, equipment, technology, accepts partial payment with products Offset: seller receives full cash, has to spend an amount in that country Copyright 2016 Pearson Education Ltd
28 Adapting the Price Price discounts and allowances Copyright 2016 Pearson Education Ltd
29 Adapting the Price Promotional pricing: Loss-leader pricing: Supermarkets and department stores often drop the price on well-known brands to stimulate additional store traffic. This pays if the revenue on the additional sales compensates for the lower margins on the loss-leader items. Special event pricing: Sellers will establish special prices in certain seasons to draw in more customers Special customer pricing: Sellers will offer special prices exclusively to certain customers Copyright 2016 Pearson Education Ltd
30 Low-interest financing: Instead of cutting its price, the company can offer low-interest financing Longer payment terms Warranties/service contracts: adding a free or low-cost warranty or service contract Psychological discounting: This strategy sets an artificially high price and then offers the product at substantial savings Copyright 2016 Pearson Education Ltd
31 Price discrimination Adapting the Price Customersegment pricing Product-form pricing Time pricing Image pricing Location pricing Channel pricing Copyright 2016 Pearson Education Ltd
32 Price discrimination Yield pricing Adapting the Price Copyright 2016 Pearson Education Ltd
33 Initiating and Responding to Price Initiating price cuts Changes Excess plant capacity Domination of market Price-cutting traps Low-quality image? Fragile market share loyalty? Shallow pockets- high priced competitor? Price war Copyright 2016 Pearson Education Ltd
34 Initiating and Responding to Price Changes Initiating price increases Delayed quotation pricing long lead times Escalator clauses- inflation Unbundling Reduction of discounts Copyright 2016 Pearson Education Ltd
35 Initiating and Responding to Price Changes Anticipating competitive responses Responding to competitors price changes Copyright 2016 Pearson Education Ltd
36 Copyright 2016 Pearson Education Ltd
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