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PrIcIng StrategIes

UnIL q
PrIcIng Strategy
Iow does u compuny decIde wIuL prIce Lo
cIurge Ior ILs producLs und servIces?
wIuL Is LIe prIce unywuy? doesn`L prIce
vury ucross sILuuLIons und over LIme?
some IIrms Iuve Lo decIde wIuL Lo cIurge
dIIIerenL cusLomers und In dIIIerenL
sILuuLIons
LIey musL decIde wIeLIer dIscounLs ure Lo
be oIIered, Lo wIom, wIen, und Ior wIuL
reuson
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%e PrIce 0etermInatIon
Process
n prIcIng, un orgunIzuLIon IIrsL musL decIde on
ILs prIcIng gouI.
TIe nexL sLep Is Lo seL LIe buse prIce Ior u
producL.
TIe IInuI sLep InvoIves desIgnIng prIcIng
sLruLegIes LIuL ure compuLIbIe wILI LIe resL oI LIe
murkeLIng mIx.
Muny sLruLegIc quesLIons musL be unswered:
WIII our compuny compeLe on LIe busIs oI prIce
or oLIer IucLors?
WIuL kInd oI dIscounL scIeduIe (II uny) sIouId
be udopLed?
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SELECT PRICING OBJECTIVE
SELECT METHOD OF DETERMINING THE BASE PRICE:
Cost-pIus
pricing
Price based on
both demand
and costs
Price set in
reIation to
market aIone
DESIGN APPROPRIATE STRATEGIES:
Price vs. nonprice
competition
Skimming vs.
penetration
Discounts and aIIowances
Freight payments
One price vs.
fIexibIe price
PsychoIogicaI pricing
Leader pricing
Everyday Iow vs.
high-Iow pricing
ResaIe price
maintenance
The Process: An Illustration
PenetratIon PrIcIng
PrIce seL Lo 'peneLruLe LIe murkeL`
'ow` prIce Lo secure IIgI voIumes
TypIcuI In muss murkeL producLs - cIocoIuLe
burs, Iood sLuIIs, IouseIoId goods, eLc.
SuILubIe Ior producLs wILI Iong unLIcIpuLed IIIe
cycIes
Muy be useIuI II IuuncIIng InLo u new murkeL
arket SkImmIng
HIgI prIce, ow voIumes
SkIm LIe proIIL Irom LIe
murkeL
SuILubIe Ior producLs LIuL
Iuve sIorL IIIe cycIes or
wIIcI wIII Iuce compeLILIon
uL some poInL In LIe IuLure
(e.g. uILer u puLenL runs ouL)
ExumpIes IncIude:
PIuysLuLIon, jeweIIery, dIgILuI
LecInoIogy, new DVDs, eLc.
Many are predicting a firesale in
laptops as supply exceeds
demand.
arket Entry
PrIcIng StrategIes
MurkeL MurkeL- -SkImmIng PrIcIng SkImmIng PrIcIng: SeLLIng u IIgI InILIuI
prIce Ior u new producL.
Works II producL Is new, dIsLIncLIve und desIred
EurIy In ProducL IIe CycIe, wIen demund
IneIusLIc
ProLecLed by enLry burrIers, e.g. puLenLs
MurkeL MurkeL- -PeneLruLIon PrIcIng PeneLruLIon PrIcIng: SeLLIng u Iow InILIuI
prIce Ior u new producL.
Works II Iurge murkeL, eIusLIc demund
EconomIes oI scuIe ure possIbIe
Ierce compeLILIon
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'alue PrIcIng
PrIce seL In uccordunce
wILI cusLomer
percepLIons ubouL LIe
vuIue oI LIe
producLJservIce
ExumpIes IncIude sLuLus
producLsJexcIusIve
producLs
ompanies may be able to set prices
according to perceived value.
oss eader
GoodsJservIces deIIberuLeIy soId beIow cosL Lo
encouruge suIes eIsewIere
TypIcuI In supermurkeLs, e.g. uL esLIvuIs seIIIng
some producLs cIeup In LIe Iope LIuL peopIe wIII
be uLLrucLed Lo LIe sLore und buy oLIer LIIngs
PurcIuses oI oLIer ILems more LIun covers 'Ioss`
on ILem soId
e.g. 'ree` mobIIe pIone wIen LukIng on conLrucL
puckuge
PsycologIcal PrIcIng
Used Lo pIuy on consumer percepLIons
CIussIc exumpIe - q.qq InsLeud oI 1o.qq!
Inks wILI vuIue prIcIng - IIgI vuIue goods
prIced uccordIng Lo wIuL consumers THNK
sIouId be LIe prIce
oIng Fate (PrIce eadersIp)
n cuse oI prIce Ieuder, rIvuIs Iuve dIIIIcuILy In compeLIng
on prIce - Loo IIgI und LIey Iose murkeL sIure, Loo Iow
und LIe prIce Ieuder wouId muLcI prIce und Iorce smuIIer
rIvuI ouL oI murkeL
Muy IoIIow prIcIng Ieuds oI rIvuIs especIuIIy wIere LIose
rIvuIs Iuve u cIeur domInunce oI murkeL sIure
WIere compeLILIon Is IImILed, 'goIng ruLe` prIcIng muy be
uppIIcubIe - bunks, peLroI, supermurkeLs, eIecLrIcuI
goods - IInd very sImIIur prIces In uII ouLIeLs
PrIce 0IscrImInatIon
CIurgIng u dIIIerenL
prIce Ior LIe sume
goodJservIce In
dIIIerenL murkeLs
RequIres eucI murkeL
Lo be ImpeneLrubIe
RequIres dIIIerenL prIce
eIusLIcILy oI demund In
eucI murkeL !rices for rail travel differ for the same
journey at different times of the day
opyright: iStock.com
0estroyer/Predatory PrIcIng
DeIIberuLe prIce cuLLIng or oIIer oI 'Iree
gIILsJproducLs` Lo Iorce rIvuIs (normuIIy
smuIIer und weuker) ouL oI busIness or
prevenL new enLrunLs
AnLI-compeLILIve und IIIeguI II IL cun be
proved
argInal Cost PrIcIng
MurgInuI cosL - LIe cosL oI producIng ONE exLru or ONE
Iewer ILem oI producLIon
MC prIcIng - uIIows IIexIbIIILy
PurLIcuIurIy reIevunL In LrunsporL wIere IIxed cosLs muy
be reIuLIveIy IIgI
AIIows vurIubIe prIcIng sLrucLure - e.g. on u IIIgIL Irom
ondon Lo New York - provIdIng LIe cosL oI LIe exLru
pussenger Is covered, LIe prIce couId be vurIed u good
deuI Lo uLLrucL cusLomers und IIII LIe uIrcruIL
argInal Cost PrIcIng
ExumpIe:
ircraft flying from Bristol to Edinburgh - Total ost (including
normal profit) = 15,000 of which 13,000 is fixed cost*
Number of seats = 160, average price = 93.75
M of each passenger = 2000/160 = 12.50
If flight not full, better to offer passengers chance of flying at
12.50 and fill the seat than not fill it at all!
*All figures are estimates only
%arget PrIcIng
SeLLIng prIce Lo 'LurgeL` u specIIIed proIIL IeveI
EsLImuLes oI LIe cosL und poLenLIuI revenue uL
dIIIerenL prIces, und LIus LIe breuk-even Iuve Lo
be mude, Lo deLermIne LIe murk-up
Murk-up = ProIILJCosL x 1oo
CostPlus PrIcIng
CuIcuIuLIon oI LIe uveruge cosL (AC) pIus u murk
up
AC = ToLuI CosLJOuLpuL
PrIcIng StrategIes
Discount , clloucnce
Semented
Pscholoiccl
Promotioncl
Georcphiccl
Internctioncl
Types oI dIscounLs
CusI dIscounL
QuunLILy dIscounL
uncLIonuI (Lrude) dIscounL
SeusonuI dIscounL
AIIowunces
Trude-In uIIowunces
PromoLIonuI uIIowunces
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PrIcIng StrategIes
Discount , clloucnce
Semented
Pscholoiccl
Promotioncl
Georcphiccl
Internctioncl
Types oI segmenLed prIcIng
sLruLegIes:
CusLomer-segmenL
ProducL-Iorm prIcIng
ocuLIon prIcIng
TIme prIcIng
AIso cuIIed revenue or yIeId
munugemenL
CerLuIn condILIons musL exIsL
Ior segmenLed prIcIng Lo be
eIIecLIve
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PrIcIng StrategIes
CondILIons Necessury Ior
SegmenLed PrIcIng EIIecLIveness
MurkeL musL be segmenLubIe
SegmenLs musL sIow dIIIerenL demund
PrIcIng musL be IeguI
CosLs oI segmenLuLIon cun noL exceed revenues eurned
SegmenLed prIcIng musL reIIecL reuI dIIIerences In
cusLomers` perceIved vuIue
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PrIcIng StrategIes
Discount , clloucnce
Semented
Pscholoiccl
Promotioncl
Georcphiccl
Internctioncl
TIe prIce Is used Lo suy
someLIIng ubouL LIe producL.
PrIce-quuIILy reIuLIonsIIp
ReIerence prIces
DIIIerences us smuII us IIve
cenLs cun be ImporLunL
NumerIc dIgILs muy Iuve
symboIIc und vIsuuI quuIILIes
LIuL psycIoIogIcuIIy InIIuence
LIe buyer
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PrIcIng StrategIes
Discount , clloucnce
Semented
Pscholoiccl
Promotioncl
Georcphiccl
Internctioncl
TemporurIIy prIcIng producLs
beIow LIe IIsL prIce or even
beIow cosL
oss Ieuders
SpecIuI-evenL prIcIng
CusI rebuLes
ow-InLeresL IInuncIng, Ionger
wurrunLIes, Iree muInLenunce
PromoLIonuI prIcIng cun Iuve
udverse eIIecLs
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PrIcIng StrategIes
PromoLIonuI PrIcIng ProbIems
EusIIy copIed by compeLILors
CreuLes deuI-prone consumers
Muy erode brund`s vuIue
NoL u IegILImuLe subsLILuLe Ior eIIecLIve sLruLegIc
pIunnIng
requenL use Ieuds Lo IndusLry prIce wurs wIIcI
beneIIL Iew IIrms
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PrIcIng StrategIes
Discount , clloucnce
Semented
Pscholoiccl
Promotioncl
Georcphiccl
Internctioncl
Types oI geogrupIIc
prIcIng sLruLegIes:
OB-orIgIn prIcIng
UnIIorm-deIIvered prIcIng
Zone prIcIng
BusIng-poInL prIcIng
reIgIL-ubsorpLIon prIcIng
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PrIcIng StrategIes
Discount , clloucnce
Semented
Pscholoiccl
Promotioncl
Georcphiccl
Internctioncl
PrIces cIurged In u specIIIc
counLry depend on muny
IucLors
EconomIc condILIons
CompeLILIve sILuuLIon
uws J reguIuLIons
DIsLrIbuLIon sysLem
Consumer percepLIons
CorporuLe murkeLIng
objecLIves
CosL consIderuLIons
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PrIce Canges
nILIuLe prIce cuLs wIen u
IIrm:
Hus excess cupucILy
uces IuIIIng murkeL sIure
due Lo prIce compeLILIon
DesIres Lo be u murkeL sIure
Ieuder
nILIuLe prIce Increuses
wIen u IIrm:
cun Increuse proIIL
Iuces cosL InIIuLIon
Iuces greuLer demund LIun
cun be suppIIed
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PrIce Canges
AILernuLIves Lo ncreusIng PrIce
ExpIore more cosL eIIecLIve producLIon or
dIsLrIbuLIon
Reduce producL sIze
Remove IeuLures
UnbundIe LIe producL
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PrIce Canges
Buyer reucLIons Lo prIce cIunges musL be
consIdered.
CompeLILors ure more IIkeIy Lo reucL Lo prIce
cIunges under cerLuIn condILIons.
Number oI IIrms Is smuII
ProducL Is unIIorm
Buyers ure weII InIormed
PrIce Canges
RespondIng Lo compeLILors` prIce cIunges
EvuIuuLe LIe compeLILor`s reuson Ior LIe prIce
cIunge
EvuIuuLe murkeLpIuce response Lo LIe prIce cIunge
ConsIders own producL`s sLruLegy
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PrIce Canges
our opLIons In respondIng Lo compeLILors` prIce
cIunges
Reduce prIce
RuIse perceIved quuIILy
mprove quuIILy und Increuse prIce
uuncI Iow prIce IIgILIng brund
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