pricing products

Pricing ProductsPricing Products

Considerations & ApproachesConsiderations & Approaches

2

Learning ObjectivesLearning Objectives

After studying this chapter, you After studying this chapter, you should be able toshould be able to::

�� Identify and define the internal factors affecting a Identify and define the internal factors affecting a firmfirm’’s pricing decisionss pricing decisions

�� Identify and define the external factors affecting Identify and define the external factors affecting pricing decisions, including the impact of pricing decisions, including the impact of consumer perceptions of price and valueconsumer perceptions of price and value

�� Contrast the two general approaches Contrast the two general approaches to setting pricesto setting prices

�� Discuss how companies adjust their Discuss how companies adjust their prices to take into account different prices to take into account different types of customers and situationstypes of customers and situations

�� Discuss the key issues related to Discuss the key issues related to initiating and responding to price initiating and responding to price changeschanges

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PricePrice

Price Price ==Quantity of money by the seller

Quantity of goods & services received by the buyer

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www.yatra.comwww.yatra.com

�� Customer driven commerceCustomer driven commerce

�� Most deals relate to travel or time Most deals relate to travel or time

sensitive / perishable servicessensitive / perishable services

�� Not all similar ventures have been Not all similar ventures have been

profitable profitable

�� Some customers find it difficult to Some customers find it difficult to

commit to purchase prior to learning commit to purchase prior to learning

detailsdetails

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What is a Price?What is a Price?

Price:Price: the amount of money charged for a product or the amount of money charged for a product or

service, or the sum of values exchanged for the benefits service, or the sum of values exchanged for the benefits

of having or using the product or serviceof having or using the product or service

�� Fixed pricingFixed pricing

�� Dynamic pricingDynamic pricing

�� Only marketing Only marketing

mix element mix element

that produces that produces

revenuerevenue

Pricing best practices:

– Consistently deliver

more value

– Price strategically, not

opportunistically

– Know your

competition

– Make pricing a process

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Dynamic PricingDynamic Pricing

Charging different prices depending on Charging different prices depending on

individual customers and situationsindividual customers and situations

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Factors Affecting Pricing DecisionsFactors Affecting Pricing Decisions

�� Marketing objectives:Marketing objectives:�� SurvivalSurvival

�� Current profit Current profit maximizationmaximization

�� Market share Market share leadershipleadership

�� Product quality Product quality leadershipleadership

� Marketing mix strategy:

– Price should be consistent

with other mix elements

– Target costing

– Non-price positions

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Internal FactorsInternal Factors

�� Marketing objectivesMarketing objectives

�� Marketing mix Marketing mix

strategiesstrategies

�� CostsCosts

�� Organizational Organizational

considerationsconsiderations

�� Market positioning Market positioning

influences pricing strategyinfluences pricing strategy

�� Other pricing objectives:Other pricing objectives:

�� SurvivalSurvival

�� Current profit Current profit

maximizationmaximization

�� Market share Market share

leadershipleadership

�� Product quality Product quality

leadershipleadership

�� Full cost recoveryFull cost recovery

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�� CostsCosts



�� Pricing must be carefully Pricing must be carefully

coordinated with the other coordinated with the other

marketing mix elementsmarketing mix elements

�� Target costing is often Target costing is often

used to support product used to support product

positioning strategies positioning strategies

based on pricebased on price

�� NonNon--price positioning can price positioning can

also be usedalso be used

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�� CostsCosts



�� Types of costs:Types of costs:

�� VariableVariable

�� FixedFixed

�� Total costsTotal costs

�� How costs vary at How costs vary at

different production levels different production levels

will influence price settingwill influence price setting

�� Experience (learning) Experience (learning)

curve affects pricecurve affects price

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CostsCosts

�� Fixed costs:Fixed costs: costs that do not vary with costs that do not vary with

productionproduction

�� Variable costs:Variable costs: costs that vary directly with costs that vary directly with

the level of productionthe level of production

�� Total costs:Total costs: sum of fixed and variable costssum of fixed and variable costs

SRAC=Short Run Average Cost Curve

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�� Fixed Cost: Fixed Cost: �� Investment Costs (interest & depreciation on capital Investment Costs (interest & depreciation on capital

investment investment –– tooling, property tax, insurancetooling, property tax, insurance

�� Overhead costs Overhead costs

�� Management expenseManagement expense

�� Selling expenseSelling expense

�� Variable Cost:Variable Cost:�� Materials & purchased partsMaterials & purchased parts

�� Direct labor Direct labor

�� Power, energy utilityPower, energy utility

�� Packaging & storagePackaging & storage

�� Royalty / licensing paymentRoyalty / licensing payment

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Cost Per Unit/Accumulated ProductionCost Per Unit/Accumulated Production

�� Experience (learning) curve:Experience (learning) curve: the drop in the drop in

the average perthe average per--unit production cost that comes unit production cost that comes

with accumulated production experiencewith accumulated production experience

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�� CostsCosts



�� Who sets the price?Who sets the price?

�� Small companies: CEO Small companies: CEO

or top managementor top management

�� Large companies: Large companies:

Divisional or product Divisional or product

line managersline managers

�� Price negotiation is Price negotiation is

common in industrial common in industrial

settings where pricing settings where pricing

departments may be departments may be

createdcreated

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External FactorsExternal Factors

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�� Nature of market Nature of market

and demandand demand

�� CompetitorsCompetitors’’ costs, costs,

prices, and offersprices, and offers

�� Other environmental Other environmental

elementselements

�� Types of marketsTypes of markets

�� Pure competitionPure competition

�� Monopolistic competitionMonopolistic competition

�� OligopolisticOligopolistic competitioncompetition

�� Pure monopolyPure monopoly

�� Consumer perceptions of Consumer perceptions of

price and valueprice and value

�� PricePrice--demand relationshipdemand relationship

�� Demand curveDemand curve

�� Price elasticity of Price elasticity of

demanddemand

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Types of MarketsTypes of Markets

�� Pure Competition:Pure Competition: Many Buyers and Sellers Many Buyers and Sellers

Who have Little Affect on the Price.Who have Little Affect on the Price.

�� OligopolisticOligopolistic Competition:Competition: Few Sellers Each Few Sellers Each

Sensitive to OtherSensitive to Other’’s Pricing/ Marketing Strategiess Pricing/ Marketing Strategies

�� Monopolistic Competition:Monopolistic Competition: Many Buyers and Many Buyers and

Sellers Trading over a Range of Prices.Sellers Trading over a Range of Prices.

�� Pure Monopoly:Pure Monopoly: Single SellerSingle Seller

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Consumer Perception of Price & Consumer Perception of Price &

ValueValue

�� Consumers use different values to Consumers use different values to

evaluate a productevaluate a product’’s prices price

�� If the perceived value is lower than If the perceived value is lower than

the price, the consumers will not buythe price, the consumers will not buy

�� If the perceived value is higher than If the perceived value is higher than

the price, purchase will happen, but the price, purchase will happen, but

seller looses profit opportunityseller looses profit opportunity

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The PriceThe Price--Demand RelationshipDemand Relationship

Demand Curve:Demand Curve: A curve that shows A curve that shows

the number of units the market will the number of units the market will

buy in a given time period at buy in a given time period at

different prices that may be chargeddifferent prices that may be charged

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Pri

ce

Quantity Demanded per Period

A. Inelastic Demand -Demand Hardly Changes Witha Small Change in Price.

P2

P1

Q1Q2

Pri

ce

Quantity Demanded per Period

P’2

P’1

Q1Q2

B. Elastic Demand -Demand Changes Greatly Witha Small Change in Price.

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Price Elasticity of DemandPrice Elasticity of Demand

A measure of the sensitivity of A measure of the sensitivity of

demand to changes in pricedemand to changes in price

Price Elasticity of

Demand=

% Change in Price

% Change in Quantity Demanded

High quality, unique products, prestige or exclusiveness

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The PriceThe Price--Demand RelationshipDemand Relationship

�� Demand curve:Demand curve: a curve that shows the a curve that shows the

number of units the market will buy at number of units the market will buy at

different possible prices in a given time different possible prices in a given time

periodperiod

�� Calculated as the % change in quantity Calculated as the % change in quantity

demanded divided by the % change in price; demanded divided by the % change in price;

values >1 and <values >1 and <--1 are elastic1 are elastic

�� Elastic products:Elastic products: lower price to maximize lower price to maximize

revenuerevenue

�� Inelastic products:Inelastic products: raise price to maximize raise price to maximize

revenuerevenue

�� Prestige goods behave in a contrary fashionPrestige goods behave in a contrary fashion

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elementselements

�� Consider competitorsConsider competitors’’ costs, costs,

prices, and possible reactions prices, and possible reactions

�� Pricing strategy influences Pricing strategy influences

the nature of competitionthe nature of competition

�� LowLow--price lowprice low--margin margin

strategies inhibit strategies inhibit

competitioncompetition

�� HighHigh--price highprice high--margin margin

strategies attract strategies attract


�� Benchmarking costs against Benchmarking costs against

the competition is the competition is

recommendedrecommended

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elementselements

�� Economic conditionsEconomic conditions

�� Affect production costs Affect production costs

�� Affect buyer Affect buyer

perceptions of price perceptions of price

and valueand value

�� Reseller reactions to Reseller reactions to

prices must be consideredprices must be considered

�� Government may restrict Government may restrict

or limit pricing optionsor limit pricing options

�� Social considerations may Social considerations may

be taken into accountbe taken into account

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General Pricing ApproachesGeneral Pricing Approaches

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�� CostCost--Based Pricing: CostBased Pricing: Cost--Plus PricingPlus Pricing

�� Adding a standard markup to costAdding a standard markup to cost

�� Ignores demand and competitionIgnores demand and competition

�� Popular pricing technique because:Popular pricing technique because:

�� It simplifies the pricing processIt simplifies the pricing process

�� Price competition may be minimizedPrice competition may be minimized

�� It is perceived as more fair to both buyers It is perceived as more fair to both buyers

and sellersand sellers

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CostCost--Based Pricing ExampleBased Pricing Example

�� Variable costs: Rs.20 Variable costs: Rs.20

�� Fixed costs: Fixed costs: Rs.500,000Rs.500,000

�� Expected sales: 100,000 unitsExpected sales: 100,000 units

�� Desired Sales Markup: 20% Desired Sales Markup: 20%

Variable Cost + Fixed Costs/Unit Sales = Unit CostVariable Cost + Fixed Costs/Unit Sales = Unit Cost

20 + 500,000/100,000 = Rs. 25 per unit20 + 500,000/100,000 = Rs. 25 per unit

Unit Cost/(1 Unit Cost/(1 –– Desired Return on Sales) = Markup Desired Return on Sales) = Markup PricePrice

Rs.25 / (1 Rs.25 / (1 -- .20) = Rs. 31.25.20) = Rs. 31.25


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�� CostCost--Based Pricing: BreakBased Pricing: Break--Even Analysis Even Analysis

and Target Profit Pricingand Target Profit Pricing

�� BreakBreak--even charts show total cost and total even charts show total cost and total

revenues at different levels of unit volume.revenues at different levels of unit volume.

�� The intersection of the total revenue and total The intersection of the total revenue and total

cost curves is the breakcost curves is the break--even point.even point.

�� Companies wishing to make a profit must Companies wishing to make a profit must

exceed the breakexceed the break--even unit volume.even unit volume.

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BreakBreak--even Charteven Chart�� BreakBreak--even (target profit) pricing:even (target profit) pricing: setting price to setting price to

break even (or make a target profit) on the costs of making break even (or make a target profit) on the costs of making and marketing a productand marketing a product

�� BreakBreak--even equals fixed cost divided by (price minus variable even equals fixed cost divided by (price minus variable cost)cost)

�� Example (a):Example (a):

�� B/E = Rs.300,000/(Rs.20 B/E = Rs.300,000/(Rs.20 –– Rs.10)Rs.10)

�� B/E = 30,000 unitsB/E = 30,000 units

�� Example (b):Example (b):

�� B/E = (Rs.300,000 + B/E = (Rs.300,000 + Rs.75,000 profit)/(Rs.20 Rs.75,000 profit)/(Rs.20 ––Rs.10)Rs.10)

�� B/E = 37,500 unitsB/E = 37,500 units

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�� ValueValue--Based Pricing:Based Pricing:

�� Uses buyersUses buyers’’ perceptions of value rather than perceptions of value rather than

sellerseller’’s costs to set price.s costs to set price.

�� Measuring perceived value can be difficult.Measuring perceived value can be difficult.

�� Consumer attitudes toward price and quality Consumer attitudes toward price and quality

have shifted during the last decade.have shifted during the last decade.

�� Value pricing at the retail levelValue pricing at the retail level

�� Everyday low pricing (EDLP) vs. highEveryday low pricing (EDLP) vs. high--low pricinglow pricing

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Cost Versus Value PricingCost Versus Value Pricing

�� ValueValue--based pricing:based pricing: setting price based on buyerssetting price based on buyers’’ perceptions of perceptions of value rather than on the sellervalue rather than on the seller’’s cost s cost

�� Everyday low pricing (EDLP):Everyday low pricing (EDLP): charging a constant low price with charging a constant low price with few discounts or promotional sales; used successfully by Walfew discounts or promotional sales; used successfully by Wal--Mart, Mart, suits busy consumers, encourages impulse buying due to trustsuits busy consumers, encourages impulse buying due to trust

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�� CompetitionCompetition--Based Pricing:Based Pricing:

�� Also called goingAlso called going--rate pricingrate pricing

�� May price at the same level, above, or May price at the same level, above, or

below the competitionbelow the competition

�� Bidding for jobs is another variation of Bidding for jobs is another variation of

competitioncompetition--based pricingbased pricing

�� Sealed bid pricingSealed bid pricing

Pricing StrategiesPricing Strategies

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�� New Product Pricing StrategiesNew Product Pricing Strategies

�� Product Mix Pricing StrategiesProduct Mix Pricing Strategies

�� Price Adjustment StrategiesPrice Adjustment Strategies

�� Price Reaction StrategiesPrice Reaction Strategies

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�� Was one of the top Was one of the top discount retailersdiscount retailers

�� WalWal--Mart's Mart's ‘‘always low always low prices prices –– alwaysalways’’ began began to negatively impact Kto negatively impact K--MartMart

�� WalWal--MartMart’’s position as a s position as a price leader & Targetprice leader & Target’’s s position as an position as an ‘‘upup--scale scale discounter, left Kdiscounter, left K--MartMart’’s s positioning in a nopositioning in a no--manman’’s lands land

�� 2001, K2001, K--Mart launched a Mart launched a repositioning exercise, repositioning exercise, which degenerated to a which degenerated to a focus on pricefocus on price

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�� Kmart also failed to deliver Kmart also failed to deliver

consistently on featured consistently on featured

specials.specials.

�� Some stores carried the Some stores carried the

signage's but did not offer signage's but did not offer

the specials.the specials.

�� The new campaigns kicked off a price war that KThe new campaigns kicked off a price war that K--Mart had Mart had

no way of winningno way of winning

�� ItIt’’s losses mounted to more than $2.4 billion for the year.s losses mounted to more than $2.4 billion for the year.

�� In early 2002, they filed for bankruptcy. Their shares by In early 2002, they filed for bankruptcy. Their shares by

more than 68% in three weeks. They had to let go 60,000 more than 68% in three weeks. They had to let go 60,000

employeesemployees

�� In May 2003, KIn May 2003, K--Mart emerged from bankruptcyMart emerged from bankruptcy

�� In 2004, it was merged with SearsIn 2004, it was merged with Sears

New Product PricingNew Product Pricing

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New Product Pricing StrategiesNew Product Pricing Strategies

Market SkimmingMarket Skimming Market PenetrationMarket Penetration

>Setting a High Price for a New Product to Maximize Revenues from the Target Market.

>Results in Fewer, More Profitable Sales.

> Setting a Low Price for a New Product in Order to Attract a Large Number of Buyers.

>Results in a Larger Market Share.

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NewNew--Product PricingProduct Pricing

Skimming price drops in steps

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MotoMoto RAZRRAZR

�� Launched at a price Launched at a price

of around of around

Rs.40,000Rs.40,000

�� Currently, an Currently, an

upgraded product upgraded product

with a better with a better

camera, battery & camera, battery &

memory is memory is

available under Rs. available under Rs.

10,00010,000

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The Price WarriorThe Price Warrior

�� Introduced at a time Introduced at a time when there was no when there was no detergent of any detergent of any significance was significance was available at a lower available at a lower priceprice

�� Started with a Started with a market share of market share of around 18% in 1978around 18% in 1978

�� Ended up with a Ended up with a market share of market share of over 60% in 1987over 60% in 1987

�� Surf, the leading Surf, the leading detergent, slipped detergent, slipped from a market share from a market share of 30% in 1978 to of 30% in 1978 to around 12% in 1987around 12% in 1987

Product Mix Pricing Product Mix Pricing

StrategiesStrategies

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Product Line PricingSetting Price Steps Between Product Line Items

i.e. Rs.299, Rs.399

Product Line PricingProduct Line PricingSetting Price Steps Between Product Line Items

i.e. Rs.299, Rs.399

Optional-Product PricingPricing Optional or Accessory Products

Sold With The Main Product

i.e. Car Options

OptionalOptional--Product PricingProduct PricingPricing Optional or Accessory Products

Sold With The Main Product

i.e. Car Options

Captive-Product PricingPricing Products That Must Be Used

With The Main Product

i.e. Razor Blades, Film, Software

CaptiveCaptive--Product PricingProduct PricingPricing Products That Must Be Used

With The Main Product

i.e. Razor Blades, Film, Software

By-Product PricingPricing Low-Value By-Products To Get Rid

of Them

i.e. Fly Ash

ByBy--Product PricingProduct PricingPricing Low-Value By-Products To Get Rid

of Them

i.e. Fly Ash

Product-Bundle PricingPricing Bundles Of Products Sold Together

i.e. Season Tickets, Computer Makers

ProductProduct--Bundle PricingBundle PricingPricing Bundles Of Products Sold Together

i.e. Season Tickets, Computer Makers

Product Mix Pricing StrategiesProduct Mix Pricing Strategies

Product

Mix

Pricing

Strategies

Product

Mix

Pricing

Strategies

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PricePrice--Adjustment Strategies Adjustment Strategies

Price Adjustment StrategiesPrice Adjustment Strategies

Discount & AllowanceReducing Prices to Reward

Customer Responses such asPaying Early or Promoting

the Product.

Discount & AllowanceReducing Prices to Reward

Customer Responses such asPaying Early or Promoting

the Product.

SegmentedAdjusting Prices to Allow

for Differences in Customers,Products, or Locations.

SegmentedAdjusting Prices to Allow

for Differences in Customers,Products, or Locations.

Cash DiscountCash Discount

Quantity DiscountQuantity Discount

Functional DiscountFunctional Discount

Seasonal DiscountSeasonal Discount

CustomerCustomer

Product FormProduct Form

LocationLocation

TimeTime

Trade-In AllowanceTrade-In Allowance

Trade Discount offered to trade channel member

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Price Adjustment StrategiesPrice Adjustment Strategies

Discount andAllowance pricing

Segmentedpricing

Psychologicalpricing

Promotionalpricing

Geographicalpricing

Internationalpricing

Reducing prices to reward customerresponses such as paying early

Adjusting prices to allow for differencesin customers, products, or locations

Adjusting prices forpsychological effect

Temporarily reducing pricesto increase short-run sales

Adjusting prices to account forgeographic location of customers

Adjusting prices forinternational markets

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PricePrice--Adjustment Strategies Adjustment Strategies

• Adjusting Prices for Psychological Effect.•Price Used as a Quality Indicator.

• Temporarily Reducing Prices to Increase Short-Run Sales.• i.e. Loss Leaders, Special-Events

• Adjusting Prices to Account for the Geographic Location of Customers.• i.e. FOB-Origin, Uniform-Delivered, Zone Pricing, Basing-Point, & Freight-Absorption.

• Adjusting Prices for International Markets.• Price Depends on Costs, Consumers, Economic Conditions & Other Factors.

Psychological Pricing

Promotional Pricing

Geographical Pricing

International Pricing

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Geographical PricingGeographical Pricing

�� FOBFOB--origin pricing:origin pricing: goods are placed goods are placed ““free on free on boardboard”” a carrier; the customer pays the freight from a carrier; the customer pays the freight from the factory to the destination the factory to the destination

�� UniformUniform--delivered price:delivered price: the company the company charges the same price including freight to all charges the same price including freight to all customers, regardless of their locationcustomers, regardless of their location

�� Zone pricing:Zone pricing: the company sets up two or more the company sets up two or more zones, all customers within a zone pay the same zones, all customers within a zone pay the same price, the more distant the zone, the higher the priceprice, the more distant the zone, the higher the price

�� BasingBasing--point pricing:point pricing: Seller designates a city Seller designates a city as the basing point and charges all customers freight as the basing point and charges all customers freight from that city to the customerfrom that city to the customer

�� Freight absorbing pricing:Freight absorbing pricing: Seller absorbs all Seller absorbs all or part of the freightor part of the freight

Price Adjustment Price Adjustment

StrategiesStrategies

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Initiating and Responding to Price Initiating and Responding to Price

ChangesChanges

InitiatingPrice

Increases

CompetitorReactions

toPrice

Changes

Initiating Price Cuts

BuyerReactions

to Price

Changes

Price Changes

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Initiating Price CutsInitiating Price Cuts

�� Initiate price Initiate price cutscuts when a firm:when a firm:

�� Has excess capacityHas excess capacity

�� Faces falling market share due to price Faces falling market share due to price


�� Desires to be a market share leaderDesires to be a market share leader

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Initiating Price IncreasesInitiating Price Increases

�� Initiate price Initiate price increasesincreases when a firm:when a firm:

�� can increase profitcan increase profit

�� faces cost inflationfaces cost inflation

�� faces greater demand than can be faces greater demand than can be

suppliedsupplied

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Price ChangesPrice Changes

�� Alternatives to Increasing PriceAlternatives to Increasing Price

�� Explore more cost effective production Explore more cost effective production

or distributionor distribution

�� Reduce product sizeReduce product size

�� Remove features Remove features

�� UnbundleUnbundle the productthe product

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Buyer Reaction to Price ChangesBuyer Reaction to Price Changes

�� Buyers can have various reactions to price Buyers can have various reactions to price changeschanges

�� They may perceive that the product may They may perceive that the product may be replaced; it may not be selling well; be replaced; it may not be selling well; the quality is reduced; or the company is the quality is reduced; or the company is abandoning the businessabandoning the business

�� The other way round, they may perceive The other way round, they may perceive the product to be a the product to be a ‘‘hothot’’ number; or that number; or that the company is trying to armthe company is trying to arm--twist the twist the marketmarket

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CompetitorsCompetitors’’ ReactionReaction

�� Competitors are more likely to react Competitors are more likely to react

to price changes under certain to price changes under certain

conditions.conditions.

�� Number of firms is smallNumber of firms is small

�� Product is uniformProduct is uniform

�� Buyers are well informedBuyers are well informed

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�� Responding to competitorsResponding to competitors’’ price price

changeschanges

�� Evaluate the competitorEvaluate the competitor’’s reason for the s reason for the

price changeprice change

�� Evaluate marketplace response to the Evaluate marketplace response to the

price changeprice change

�� Considers own productConsiders own product’’s strategys strategy

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�� Four options in responding to Four options in responding to

competitorscompetitors’’ price changesprice changes

�� Reduce priceReduce price

�� Raise perceived qualityRaise perceived quality

�� Improve quality and increase priceImprove quality and increase price

�� Launch low price Launch low price ““fighting brandfighting brand””

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Responding to Price ChangesResponding to Price Changes

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Public Policy and PricingPublic Policy and Pricing

�� Pricing within Channel LevelsPricing within Channel Levels

�� PricePrice--fixingfixing

�� Competitors can not work with each other Competitors can not work with each other

to set pricesto set prices

�� Predatory pricingPredatory pricing

�� Firms may not sell below cost with the Firms may not sell below cost with the

intention of punishing a competitor or intention of punishing a competitor or

gaining higher longgaining higher long--run profits or running a run profits or running a

competitor out of businesscompetitor out of business

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�� Pricing across Channel LevelsPricing across Channel Levels

�� Price discriminationPrice discrimination

�� Retail price maintenanceRetail price maintenance

�� Deceptive pricingDeceptive pricing

�� Bogus reference / comparison pricingBogus reference / comparison pricing

�� Scanner fraudScanner fraud

�� Price confusionPrice confusion

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The Competition Act:The Competition Act: Sections 34, 36, and 38Sections 34, 36, and 38

�� Price fixing:Price fixing: cannot collude to restrict pricing cannot collude to restrict pricing


�� Price discrimination:Price discrimination: customers must be given customers must be given

proportionally equal discounts when usedproportionally equal discounts when used

�� Deceptive pricing:Deceptive pricing: cannot mislead customers as to cannot mislead customers as to

value receivedvalue received

pricing products

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