Marketing Management 2nd Edition

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Presentation transcript:

Marketing Management 2nd Edition Michael R. Czinkota and Masaaki Kotabe Chapter 10: Pricing Decisions

Chapter Outline Importance of price Services prices Price for non-profit organizations Supply and demand Price elasticity of demand Three ways to measure demand Factors affecting demand elasticity Pricing strategies Practical pricing policies Discounts Pricing strategy

- X = Importance of Price Three variables that determine profit: Sales Volume X Price Cost = Profit

Service Prices Differences in pricing for services: Negotiation Discounts Quality

Price for Non-Profit Organizations Surplus Allocation of service Queuing Price is perceived value.

Supply and Demand Equilibrium Price Supply curve Demand curve Price Quantity

Price Elasticity of Demand % change in demand Price elasticity of demand = % change in price

Three Ways to Measure Demand Statistical analysis of historical data Survey research Experiment

Factors Affecting Demand Elasticity: Organization Factors Product life cycle Product portfolio Product line pricing Segmentation and positioning Branding

Factors Affecting Demand Elasticity: Customer Factors Benefits Value Distribution channel

Factors Affecting Demand Elasticity: Market Factors Competition Economic and regulatory environment Exchange rate Geography

Pricing Strategies Price Skimming: Price HIGH Penetration Pricing: Inelastic prices New or unique product Distinct market segments Quality important Competitive costs unknown Penetration Pricing: Price LOW Elastic prices Competitors can enter market No distinct market segments Products undifferentiated Economies of scale

Practical Pricing Policies Cost-plus pricing Target pricing Historical pricing Product line pricing Competitive pricing Market-based pricing Selective pricing

$11.99 $9.99 Discounts Trade discounts Quantity discounts Cash discounts Allowances Seasonal discounts Promotional pricing Individual pricing Optional features Product bundling Value package Psychological pricing $11.99 $9.99

Pricing Strategy Price wars Other price reductions Price increases

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