Principles of Marketing

Август 10, 2022

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Principles of Marketing

Содержание

2. What Is Price? Price is the amount of money charged for a product or service. It
3. Factors to Consider When Setting Prices Effective customer-oriented pricing involves understanding how much value consumers place
4. Factors to Consider When Setting Prices Customer Perception of Value Value-based pricing uses the buyers’ perceptions
5. Factors to Consider When Setting Prices Customer Perception of Value Value-based pricing Good-value pricing Value-added pricing
6. Factors to Consider When Setting Prices Customer Perception of Value Good-value pricing offers the right combination
7. Factors to Consider When Setting Prices Customer Perception of Value Everyday low pricing (EDLP) involves charging
8. Factors to Consider When Setting Prices Customer Perception of Value Value-added pricing attaches value-added features and
9. Factors to Consider When Setting Prices Company and Product Costs Cost-based pricing involves setting prices based
10. Factors to Consider When Setting Prices Company and Product Costs Types of costs Fixed costs Variable
11. Factors to Consider When Setting Prices Company and Product Costs Fixed costs are the costs that
12. Factors to Consider When Setting Prices Company and Product Costs Variable costs are the costs that
13. Factors to Consider When Setting Prices Company and Product Costs Total costs are the sum of
14. Factors to Consider When Setting Prices Company and Product Costs Average cost is the cost associated
15. Factors to Consider When Setting Prices Company and Product Costs Experience or learning curve is when
16. Factors to Consider When Setting Prices Company and Product Costs Cost-based pricing adds a standard markup
17. Factors to Consider When Setting Prices Break-Even Analysis and Target Profit Pricing Break-even pricing is the
18. Factors to Consider When Setting Prices break-even= fixed cost volume (price-variable cost) 10-20 Break-Even Analysis and
19. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Customer perceptions
20. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Internal factors
21. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Pricing objectives
22. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Target costing
23. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Non-price strategies
24. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Organizational considerations
25. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions The Market
26. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Types of
27. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Pure competition
28. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Oligopolistic competition
29. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions The demand
30. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Price elasticity
31. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Factors affecting
32. Factors to Consider When Setting Prices Other Internal and External Considerations Affecting Price Decisions Competition strategies
33. Chapter Eleven Pricing Strategies
34. New-Product Pricing Strategies Market-skimming pricing Market-penetration pricing Pricing Strategies
35. New-Product Pricing Strategies Market-skimming pricing is a strategy with high initial prices to “skim” revenue layers
36. New-Product Pricing Strategies Market-penetration pricing sets a low initial price in order to penetrate the market
37. Pricing Strategies
38. Product Mix Pricing Strategies Product line pricing takes into account the cost differences between products in
39. Product Mix Pricing Strategies Captive-product pricing involves products that must be used along with the main
40. Price Mix Pricing Strategies By-product pricing refers to products with little or no value produced as
41. Price Mix Pricing Strategies Product bundle pricing combines several products at a reduced price Pricing Strategies
42. Price-Adjustment Strategies
43. Price-Adjustment Strategies Discount and allowance pricing reduces prices to reward customer responses such as paying early
44. Price-Adjustment Strategies Segmented pricing is used when a company sells a product at two or more
45. Price-Adjustment Strategies To be effective: Market must be segmentable Segments must show different degrees of demand
46. Price-Adjustment Strategies Psychological pricing occurs when sellers consider the psychology of prices and not simply the
47. Price-Adjustment Strategies Promotional pricing is when prices are temporarily priced below list price or cost to
48. Price-Adjustment Strategies Risks of promotional pricing Used too frequently, and copies by competitors can create “deal-prone”
49. Price-Adjustment Strategies Geographical pricing is used for customers in different parts of the country or the
50. Price-Adjustment Strategies FOB (free on board) pricing means that the goods are delivered to the carrier
51. Price-Adjustment Strategies Zone pricing means that the company sets up two or more zones where customers
52. Price-Adjustment Strategies Freight absorption pricing means the seller absorbs all or part of the actual freight
53. Price-Adjustment Strategies Dynamic pricing is when prices are adjusted continually to meet the characteristics and needs
54. Price-Adjustment Strategies International pricing is when prices are set in a specific country based on country-specific
55. Price Changes Price cuts Price increases Initiating Pricing Changes
56. Price Changes Initiating Pricing Changes
57. Price Changes Buyer Reactions to Pricing Changes
58. Price Changes Questions Why did the competitor change the price? Is the price cut permanent or
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Слайд 2

What Is Price?
Price is the amount of money charged for a

product or service. It is the sum of all the values that consumers give up in order to gain the benefits of having or using a product or service.
Price is the only element in the marketing mix that produces revenue; all other elements represent costs

10-4

Слайд 3

Factors to Consider When Setting Prices
Effective customer-oriented pricing involves understanding how

much value consumers place on the benefits they receive from the product and setting a price that captures that value

10-5

Customer Perception of Value

Слайд 4

Factors to Consider When Setting Prices
Customer Perception of Value
Value-based pricing uses

the buyers’ perceptions of value, not the seller’s cost, as the key to pricing. Price is considered before the marketing program is set.
Value-based pricing is customer driven
Cost-based pricing is product driven

10-6

Слайд 5

Factors to Consider When Setting Prices
Customer Perception of Value
Value-based pricing
Good-value pricing
Value-added

pricing

10-7

Слайд 6

Factors to Consider When Setting Prices
Customer Perception of Value
Good-value pricing offers

the right combination of quality and good service to fair price
Existing brands are being redesigned to offer more quality for a given price or the same quality for less price

10-8

Слайд 7

Factors to Consider When Setting Prices
Customer Perception of Value
Everyday low pricing

(EDLP) involves charging a constant everyday low price with few or no temporary price discounts
High-low pricing involves charging higher prices on an everyday basis but running frequent promotion to lower prices temporarily on selected items

10-9

Слайд 8

Factors to Consider When Setting Prices
Customer Perception of Value
Value-added pricing attaches

value-added features and services to differentiate offers, support higher prices, and build pricing power
Pricing power is the ability to escape price competition and to justify higher prices and margins without losing market share

10-10

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Factors to Consider When Setting Prices
Company and Product Costs
Cost-based pricing involves

setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk

10-11

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Factors to Consider When Setting Prices
Company and Product Costs
Types of costs
Fixed

costs
Variable costs
Total costs

10-12

Слайд 11

Factors to Consider When Setting Prices
Company and Product Costs
Fixed costs are

the costs that do not vary with production or sales level
Rent
Heat
Interest
Executive salaries

10-13

Слайд 12

Factors to Consider When Setting Prices
Company and Product Costs
Variable costs are

the costs that vary with the level of production
Packaging
Raw materials

10-14

Слайд 13

Factors to Consider When Setting Prices
Company and Product Costs
Total costs are

the sum of the fixed and variable costs for any given level of production

10-15

Слайд 14

Factors to Consider When Setting Prices
Company and Product Costs
Average cost is

the cost associated with a given level of output

10-16

Слайд 15

Factors to Consider When Setting Prices
Company and Product Costs
Experience or learning

curve is when the average cost falls as production increases because fixed costs are spread over more units

10-17

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Factors to Consider When Setting Prices
Company and Product Costs
Cost-based pricing adds

a standard markup to the cost of the product
markup price= unit cost
(1-desired rate of return)

10-18

Слайд 17

Factors to Consider When Setting Prices
Break-Even Analysis and Target Profit Pricing
Break-even

pricing is the price at which total costs are equal to total revenue and there is no profit
Target profit pricing is the price at which the firm will break even or make the profit it’s seeking

10-19

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Factors to Consider When Setting Prices
break-even= fixed cost
volume (price-variable

cost)

10-20

Break-Even Analysis and Target Profit Pricing

Слайд 19

Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Customer perceptions of value set the upper limit for prices, and costs set the lower limit
Companies must consider internal and external factors when setting prices

10-21

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Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Internal factors
Marketing strategies
Objectives
Marketing mix
External factors
Market demand
Competitor’s strategies and prices

10-22

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Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Pricing objectives include:
Survival
Profit maximization
Market share leadership
Customer retention and relationship building
Attracting new customers
Opposing competitive threats
Increasing product excitement

10-23

Слайд 22

Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Target costing starts with an ideal selling price based on consumer value considerations and then targets costs that will ensure that the price is met

10-24

Слайд 23

Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Non-price strategies differentiate the marketing offer to make it worth a higher price

10-25

Слайд 24

Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Organizational considerations include:
Who should set the price
Who can influence the prices

10-26

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Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
The Market and Demand
Before setting prices, the marketer must understand the relationship between price and demand for its products

10-27

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Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Types of markets
Pure competition
Monopolistic competition
Oligopolistic competition
Pure monopoly

10-28

Слайд 27

Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Pure competition is a market with few many buyers and sellers trading uniform commodities where no single buyer or seller has much effect on market price
Monopolistic competition is a market with many buyers and sellers who trade over a range of prices rather than a single market price with differentiated offers.

10-29

Слайд 28

Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Oligopolistic competition is a market with few sellers because it is difficult for sellers to enter who are highly sensitive to each other’s pricing and marketing strategies
Pure monopoly is a market with only one seller. In a regulated monopoly, the government permits a price that will yield a fair return. In a non-regulated monopoly, companies are free to set a market price.

10-30

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Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
The demand curve shows the number of units the market will buy in a given period at different prices
Normally, demand and price are inversely related
Higher price = lower demand
For prestige (luxury) goods, higher price can equal higher demand when consumers perceive higher prices as higher quality

10-31

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Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Price elasticity of demand illustrates the response of demand to a change in price
Inelastic demand occurs when demand hardly changes when there is a small change in price
Elastic demand occurs when demand changes greatly for a small change in price
price elasticity of demand= % change in quantity demand
% change in price

10-32

Слайд 31

Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

Price Decisions
Factors affecting price elasticity of demand
Unique product
Quality
Prestige
Substitute products
Cost relative to income

10-33

Слайд 32

Factors to Consider When Setting Prices
Other Internal and External Considerations
Affecting

Price Decisions
Competition strategies and prices
Factors to consider
Comparison of offering in terms of customer value
Strength of competitors
Competition pricing strategies
Customer price sensitivity

10-34

Слайд 33

Chapter Eleven
Pricing Strategies

Слайд 34

New-Product Pricing Strategies
Market-skimming pricing
Market-penetration pricing
Pricing Strategies

Слайд 35

New-Product Pricing Strategies
Market-skimming pricing is a strategy with high initial prices

to “skim” revenue layers from the market
Product quality and image must support the price
Buyers must want the product at the price
Costs of producing the product in small volume should not cancel the advantage of higher prices
Competitors should not be able to enter the market easily

Слайд 36

New-Product Pricing Strategies
Market-penetration pricing sets a low initial price in order

to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share
Price sensitive market
Inverse relationship of production and distribution cost to sales growth
Low prices must keep competition out of the market

Pricing Strategies

Слайд 37

Pricing Strategies

Слайд 38

Product Mix Pricing Strategies
Product line pricing takes into account the cost

differences between products in the line, customer evaluation of their features, and competitors’ prices
Optional product pricing takes into account optional or accessory products along with the main product

Pricing Strategies

Слайд 39

Product Mix Pricing Strategies
Captive-product pricing involves products that must be used

along with the main product
Two-part pricing involves breaking the price into:
Fixed fee
Variable usage fee

Pricing Strategies

Слайд 40

Price Mix Pricing Strategies
By-product pricing refers to products with little or

no value produced as a result of the main product. Producers will seek little or no profit other than the cost to cover storage and delivery.

Pricing Strategies

Слайд 41

Price Mix Pricing Strategies
Product bundle pricing combines several products at a

reduced price

Pricing Strategies

Слайд 42

Price-Adjustment Strategies

Слайд 43

Price-Adjustment Strategies
Discount and allowance pricing reduces prices to reward customer responses

such as paying early or promoting the product
Discounts
Allowances

Pricing Strategies

Слайд 44

Price-Adjustment Strategies
Segmented pricing is used when a company sells a product

at two or more prices even though the difference is not based on cost

Pricing Strategies

Слайд 45

Price-Adjustment Strategies
To be effective:
Market must be segmentable
Segments must show different degrees

of demand
Watching the market cannot exceed the extra revenue obtained from the price difference
Must be legal

Segmented Pricing

Слайд 46

Price-Adjustment Strategies
Psychological pricing occurs when sellers consider the psychology of prices

and not simply the economics
Reference prices are prices that buyers carry in their minds and refer to when looking at a given product
Noting current prices
Remembering past prices
Assessing the buying situations

Pricing Strategies

Слайд 47

Price-Adjustment Strategies
Promotional pricing is when prices are temporarily priced below list

price or cost to increase demand
Loss leaders
Special event pricing
Cash rebates
Low-interest financing
Longer warrantees
Free maintenance

Pricing Strategies

Слайд 48

Price-Adjustment Strategies
Risks of promotional pricing
Used too frequently, and copies by competitors

can create “deal-prone” customers who will wait for promotions and avoid buying at regular price
Creates price wars

Pricing Strategies

Слайд 49

Price-Adjustment Strategies
Geographical pricing is used for customers in different parts of

the country or the world
FOB pricing
Uniformed-delivery pricing
Zone pricing
Basing-point pricing
Freight-absorption pricing

Pricing Strategies

Слайд 50

Price-Adjustment Strategies
FOB (free on board) pricing means that the goods are

delivered to the carrier and the title and responsibility passes to the customer
Uniformed delivery pricing means the company charges the same price plus freight to all customers, regardless of location

Pricing Strategies

Слайд 51

Price-Adjustment Strategies
Zone pricing means that the company sets up two or

more zones where customers within a given zone pay a single total price
Basing point pricing means that a seller selects a given city as a “basing point” and charges all customers the freight cost associated from that city to the customer location, regardless of the city from which the goods are actually shipped

Pricing Strategies

Слайд 52

Price-Adjustment Strategies
Freight absorption pricing means the seller absorbs all or part

of the actual freight charge as an incentive to attract business in competitive markets

Pricing Strategies

Слайд 53

Price-Adjustment Strategies
Dynamic pricing is when prices are adjusted continually to meet

the characteristics and needs of the individual customer and situations

Pricing Strategies

Слайд 54

Price-Adjustment Strategies
International pricing is when prices are set in a specific

country based on country-specific factors
Economic conditions
Competitive conditions
Laws and regulations
Infrastructure
Company marketing objective

Pricing Strategies

Слайд 55

Price Changes
Price cuts
Price increases
Initiating Pricing Changes

Слайд 56

Price Changes
Initiating Pricing Changes

Слайд 57

Price Changes
Buyer Reactions to Pricing Changes

Слайд 58

Price Changes
Questions
Why did the competitor change the price?
Is the price cut

permanent or temporary?
What is the effect on market share and profits?
Will competitors respond?

Responding to Price Changes

Principles of Marketing

Содержание

What Is Price?Price is the amount of money charged for a

Factors to Consider When Setting Prices Effective customer-oriented pricing involves understanding how

Factors to Consider When Setting PricesCustomer Perception of ValueValue-based pricing uses

Factors to Consider When Setting PricesCustomer Perception of ValueValue-based pricingGood-value pricingValue-added

Factors to Consider When Setting PricesCustomer Perception of ValueGood-value pricing offers

Factors to Consider When Setting PricesCustomer Perception of ValueEveryday low pricing

Factors to Consider When Setting PricesCustomer Perception of ValueValue-added pricing attaches

Factors to Consider When Setting PricesCompany and Product CostsCost-based pricing involves

Factors to Consider When Setting PricesCompany and Product CostsTypes of costsFixed

Factors to Consider When Setting PricesCompany and Product CostsFixed costs are

Factors to Consider When Setting PricesCompany and Product CostsVariable costs are

Factors to Consider When Setting PricesCompany and Product CostsTotal costs are

Factors to Consider When Setting PricesCompany and Product CostsAverage cost is

Factors to Consider When Setting PricesCompany and Product CostsExperience or learning

Factors to Consider When Setting PricesCompany and Product CostsCost-based pricing adds

Factors to Consider When Setting PricesBreak-Even Analysis and Target Profit PricingBreak-even

Factors to Consider When Setting Prices break-even= fixed cost volume (price-variable

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Factors to Consider When Setting PricesOther Internal and External Considerations Affecting

Chapter ElevenPricing Strategies

New-Product Pricing StrategiesMarket-skimming pricingMarket-penetration pricingPricing Strategies

New-Product Pricing StrategiesMarket-skimming pricing is a strategy with high initial prices

New-Product Pricing StrategiesMarket-penetration pricing sets a low initial price in order

Pricing Strategies

Product Mix Pricing StrategiesProduct line pricing takes into account the cost

Product Mix Pricing StrategiesCaptive-product pricing involves products that must be used

Price Mix Pricing StrategiesBy-product pricing refers to products with little or

Price Mix Pricing StrategiesProduct bundle pricing combines several products at a

Price-Adjustment Strategies

Price-Adjustment StrategiesDiscount and allowance pricing reduces prices to reward customer responses

Price-Adjustment StrategiesSegmented pricing is used when a company sells a product

Price-Adjustment StrategiesTo be effective:Market must be segmentableSegments must show different degrees

Price-Adjustment StrategiesPsychological pricing occurs when sellers consider the psychology of prices

Price-Adjustment StrategiesPromotional pricing is when prices are temporarily priced below list

Price-Adjustment StrategiesRisks of promotional pricingUsed too frequently, and copies by competitors

Price-Adjustment StrategiesGeographical pricing is used for customers in different parts of

Price-Adjustment StrategiesFOB (free on board) pricing means that the goods are

Price-Adjustment StrategiesZone pricing means that the company sets up two or

Price-Adjustment StrategiesFreight absorption pricing means the seller absorbs all or part

Price-Adjustment StrategiesDynamic pricing is when prices are adjusted continually to meet

Price-Adjustment StrategiesInternational pricing is when prices are set in a specific

Price ChangesPrice cutsPrice increasesInitiating Pricing Changes

Price ChangesInitiating Pricing Changes

Price ChangesBuyer Reactions to Pricing Changes

Price ChangesQuestionsWhy did the competitor change the price?Is the price cut

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Price is the amount of money charged for a

Factors to Consider When Setting Prices
Effective customer-oriented pricing involves understanding how

Factors to Consider When Setting Prices
Customer Perception of Value
Value-based pricing uses

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Value-based pricing
Good-value pricing
Value-added

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Factors to Consider When Setting Prices
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Factors to Consider When Setting Prices
Other Internal and External Considerations Affecting

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Factors to Consider When Setting Prices
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Chapter Eleven
Pricing Strategies

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Market-skimming pricing
Market-penetration pricing
Pricing Strategies

New-Product Pricing Strategies
Market-skimming pricing is a strategy with high initial prices

New-Product Pricing Strategies
Market-penetration pricing sets a low initial price in order

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Product line pricing takes into account the cost

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Captive-product pricing involves products that must be used

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Price Mix Pricing Strategies
Product bundle pricing combines several products at a

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Discount and allowance pricing reduces prices to reward customer responses

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Segmented pricing is used when a company sells a product

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To be effective:
Market must be segmentable
Segments must show different degrees

Price-Adjustment Strategies
Psychological pricing occurs when sellers consider the psychology of prices

Price-Adjustment Strategies
Promotional pricing is when prices are temporarily priced below list

Price-Adjustment Strategies
Risks of promotional pricing
Used too frequently, and copies by competitors

Price-Adjustment Strategies
Geographical pricing is used for customers in different parts of

Price-Adjustment Strategies
FOB (free on board) pricing means that the goods are

Price-Adjustment Strategies
Zone pricing means that the company sets up two or

Price-Adjustment Strategies
Freight absorption pricing means the seller absorbs all or part

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Dynamic pricing is when prices are adjusted continually to meet

Price-Adjustment Strategies
International pricing is when prices are set in a specific

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Price Changes
Initiating Pricing Changes

Price Changes
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Price Changes
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Why did the competitor change the price?
Is the price cut