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MarketingPrinciplesofMarketingChapterXIPricingConsiderations&ApproachesMarketingWhatisPrice?Theamountofmoneychargedforaproductorservice,orthesumofthevaluesthatconsumersexchangeforthebenefitsofhavingorusingtheproductorservice.Theonlyelementinthemarketingmixthatbringsintherevenues.Alltherestarecosts.Communicatesthevaluepositioningoftheproducts.MarketingWhatisPrice?+=PriceProfitCostMarketingTypesofPricesNegotiatedpriceFixedpricingSettingonepriceforallbuyersDynamicpricingChargingdifferentpricesdependingonindividualcustomersandsituations.MarketingFactorsAffectingPricingDecisions•Marketingobjectives•Marketingmixstrategy•Costs•OrganizationalconsiderationsPricingDecisionsInternalFactorsExternalFactors•Natureofmarketanddemand•Competition•Otherenviron-mentalfactors(economy,resellers,government)MarketingMarketingObjectivesSurvivalLowpriceMuchcapacityHeavycompetitionChangingconsumerwantsMaximumcurrentprofitEstimatedemands&costsatdifferentpricesSelectthemostprofitablepriceMarketingMarketingObjectives(Contd.)MaximummarketsharePenetrationpricing(aslowaspossible)ProductqualityleadershipHighpriceforhigherquality&performanceMarketingMarketingMixStrategyCoordinatepricewiththethreeotherPs.•Designanewproduct&otherP’s•Determinecost•Setaprice•Setanidealsellingprice•Determinecost•DesignotherP’sTargetcostingMarketingCostsFixedcosts(overhead)VariablecostsTotalcostsMarginalcostAveragecostCostperunitCostperunit1,0001,0002,0003,0004,000QuantityQuantitySRACSRACLRACMarketingCosts(Contd.)Learningcurve/ExperiencecurveCostperunit($)AccumulatedproductionCostperunit3,000LRACLRAC’5,000QuantityMarketingOrganizationalConsiderationsWhosetthepricewithinthecompany?TopmanagementMarketing/salesdepartmentProductlinemanagersPricerangefornegotiationbysalesrepresentativesMarketingNatureofMarketPurecompetition(完全竞争)Manysellers&buyersUniformcommodity,unifiedpriceMonopolisticcompetition(垄断性竞争)Manybuyers&sellersDifferentiatedproductsOligopolisticcompetition(寡头垄断竞争)AfewsellersUniformornon-uniformproductsPuremonopoly(完全垄断)OnesellerGovernmentmonopolyRegulatedmonopolyNonregulatedmonopolyMarketingBuyerPerceptionsofPrice/ValuePricesensitivityvariesamongmarketsegmentsandacrossdifferentproducts(i.e.necessaryproductsvs.luxury)Needtoknowbuyersacceptablerangeofpricesandsensitivitytowardspricechanges.NeedtogaugePriceElasticity(价格弹性),ameasureofthesensitivityofthedemandtochangesinprices.MarketingDemandCurveQuantityPrice2004006008001,0001,2001020304050DemandCurve0MarketingPrice-DemandRelationshipPriceelasticityAmeasureofthesensitivityofdemandtochangesinprice.PriceElasticityofDemand%ChangeinQuantityDemanded%ChangeinPrice=MarketingPriceElasticityPriceQ1DemandDemandPriceQ2Q1Q2P1P2P’1P’2A:InelasticDemand-1B:ElasticDemand-1Setupalowerorhigherprice?MarketingPriceElasticity(Contd.)DemandPriceQ1Q2P1P2C:UnitaryDemand=-1Setupalowerorhigherprice?MarketingCompetition&OtherCompetitionCompetitorscosts,prices,&offeringsTechnologicalproductlifecyclesOtherenvironmentalfactorsEconomy,resellers,governmentMarketingMajorPricingConsiderations•Consumerperceptionsofvalue•Competitor’sprice&otherinternalandexternalfactors•ProductcostsPriceCeiling(价格上限)NodemandabovethislinePriceFloor(价格下限)NoprofitbelowthispriceMarketingGeneralPricingApproachesCost-BasedPricingCost-pluspricing(成本加利润定价法)Break-evenpricing(盈亏平衡定价法)Value-BasedPricingCompetition-BasedPricingMarketingCost-PlusPricingAddingastandardmarkuptothecostoftheproduct.EasytoadministerCaseinpoint:atoasterexampleVariablecostFixedcostExpectedunitsales$10$300,00050,000Manufacturerwantstoearn20%markuponsales.MarketingCost-PlusPricing(Contd.)UnitCostFixedCostsUnitSales=VariableCost+$300,00050,000=$10+=$16MarkupPriceUnitCost1–DesiredReturnonSales=$161–20%==$20MarketingPluses&MinusesofCost-PlusPricingCosts,overheadmaybedifficulttodetermine.Profitisstatedasa%ofcosts,notsales,pricenotestablishedthroughconsumerdemand,littleincentivetoholddowncosts.Adjustmentsforrisingcostsarepoorlyconceived.Goodwhenconsumersarepriceinelasticandthefirmhascontroloverprices.Goodforestablishingafloorprice,forwhichyoucan'tchargeless.MarketingBreak-EvenPricingAlsocalledtarget-profitpricing,settingpricetobreakevenonthecostsofmakingandmarketingaproduct;orsettingpricetomakeatargetprofit.Caseinpoint:atoasterexampleBreak-EvenVolumeFixedCostPrice–VariableCost=$300,000$20-$10==30,000MarketingBreak-EvenPricing(Contd.)Salesvolumeinunits(thousands)Costindollars(thousands)2004006008001,0001,2001020304050FixedcostTotalcostTotalrevenueTargetprofit($200,000)Break-evenpointMarketingBreak-EvenVolume&ProfitsatDifferentPricesCaseinpoint:atoasterexample①②③④⑤⑥Price($)UnitdemandneededtobreakevenExpectedunitdemandatgivenpriceTotalrevenue($)①*③Totalcosts($)Profit($)④-⑤1475,00071,000994,0001,010,000-16,0001650,00067,0001,072,000970,000102,0001837,50060,0001,080,000900,000180,0002030,00042,000840,000720,000120,0002225,00023,000506,000530,000-24,000MarketingValue-BasedPricingSettingpricebasedonbuyers’perceptionsofvalueratherthanontheseller’scost.GoodValue≠LowPriceOfferrightcombinationofquality&serviceatfai