Developing Pricing Strategies and Programs Marketing Management Price Changing in the Internet Internet reverse the fixed pricing trend‚ since: Buyers can: Get instant price comparisons from thousands of vendors. Name their price and have it met. Get products free. Both Buyers and Sellers can: Negotiate prices in online auctions and exchanges Sellers can: Monitor customer behavior and tailors offers to individuals. Give certain customers access to special prices. Consumer Psychology
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PRICING METHODOLOGY Pricing methods adopted by an organization determines the values attached to its products. Pricing determinant can be Internal or External. An Internal pricing determinant is one that is controlled by the marketer while the external is not controllable by the marketer. We shall be considering the following types of pricing models: PRICE DISCRIMINATION: Price discrimination is the practice of setting a different price for the same product in different segments to the market.
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Pricing Strategy Steps in Setting Price: Following are the steps in setting price for a product: 1. Selecting the pricing objectives; 2. Determining the consumers’ demand; 3. estimating costs; 4. Analysing the competitors’ costs‚ prices and offers; 5. Selecting a pricing method; and 6. Selecting the final price. 1. Selecting the pricing objectives: Before selecting a suitable price for a product‚ the marketer is needed to review the company’s objectives. The more clearer the company’s
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product development‚ market research and other tasks that are viewed as the more interesting and exciting parts of the job. Yet pricing decisions can have important consequences for the marketing organization and the attention given by the marketer to pricing is just as important as the attention given to more recognizable marketing activities. Some reasons pricing is important include: •Most Flexible Marketing Mix Variable – For marketers price is the most adjustable of all marketing decisions
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“What is the so-called pricing process?” Pricing is the determination of monetary amount in exchange on the commodity sold or the service rendered by the business. In pricing‚ the Business should consider the following factors that affect pricing: 1. The manufacturing or production cost. Variable and fixed costs are the costs incurred in a product or service. Examine whether the costs that have been incurred in the commodity sold or service rendered are going to be covered up by the revenue
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The Sword in the Stone Author: Richard Reitherman Setting: This animated feature is set in England during the medieval times. Characters: Merlin (The Powerful Wizard) Arthur (Wart) Sir Ector Archimedes the Owl Little Girl Squirrel Kay Castle Scullery Maid Fat Granny Squirrel Madam Mim Sir Pelinore Summary: After the English king dies leaving no heir‚ in the churchyard of a cathedral in London‚ a sword appears imbedded in a stone inscribed‚ "Who so
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the competitors. Ford’s latest pricing strategy is regarding passenger cars to strengthen the brand’s appeal for retail customers. Ford has concentrated on recommending an official list of prices on medium and small cars from August‚ with similar action on Ford’s larger cars and SUV’s to follow in April. Before these prices go into effect‚ Ford will allow dealers to offer special promotions which will help mirror these lower prices in the future. With this pricing strategy‚ Ford is hoping to make
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Western Regional Chapter of International Fiscal Association –Indian Branch Transfer Pricing Problems‚ Strategies and Documentation Recent International Case Law on Transfer Pricing by Nishith Desai The Taj Mahal Hotel‚ Mumbai January 21st & 22nd 2002 Nishith Desai Associates 2 TRANSFER PRICING Content I. II. Introduction History III. Select International cases US Cases 1. 2. 3. Compaq Computer Corporation V. Commissioner DHL Corporation and Subsidiaries V. Commissioner Texaco
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When Who What 11/17/2004 Rob Seaman Original creation 11/22/2004 Ashish Kothari Updates 3/22/2006 Jonathan Fan Updates Table of Contents Revision History: 2 Table of Contents 3 What This Is 4 Whom to Contact 4 Dynamic Pricing Procedure 4 Steps 4 Step Details 7 1. Check Header Price List 7 2. Raise Expired Error 8 3. Raise Not Effective Error 8 4. Customizable Product Roll-Down 9 5. Get List Price 10 6. Get Root Price List Item Id 16 7. Split Unpriced Actions 17
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Written Assignment 5 Pricing Strategies One of the four major elements of the marketing mix is price. Pricing is an important strategic issue because it is related to product positioning. Pricing also affects other marketing mix elements as well‚ such as product features‚ channel decisions‚ and promotion. A pricing strategy is a course of action designed to achieve pricing objectives. This strategy helps marketers set prices. There are many ways to price a product. The following‚ figure
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