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Chapter Ten

Pricing: UnderstandingandCapturing CustomerValue


Chapter 10- slide 1

Pricing: Understanding and Capturing Customer Value


TopicOutline
WhatIsaPrice? CustomerPerceptions ofValue CompanyandProduct Costs OtherInternaland External Considerations AffectingPrice Decisions
Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 2

What Is a Price?

Price istheamountofmoneychargedfor aproductorservice.Itisthesumofall thevaluesthatconsumersgiveupin ordertogainthebenefitsofhavingor usingaproductorservice.

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 3

What Is a Price? Price istheonlyelementinthemarketing mixthatproducesrevenue;allother elementsrepresentcosts

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 4

Factors to Consider When Setting Prices


CustomerPerceptionsofValue Understandinghowmuchvalueconsumersplace onthebenefitstheyreceivefromtheproductand settingapricethatcapturesthatvalue

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 5

Factors to Consider When Setting Prices


CustomerPerceptionsofValue

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 6

Factors to Consider When Setting Prices


Customer Perceptions of Value

Valuebasedpricing usesthebuyers perceptionsofvalue,notthesellers cost, asthekeytopricing.Priceisconsidered beforethemarketingprogramisset. Valuebasedpricingiscustomerdriven Costbasedpricingisproductdriven

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 7

Factors to Consider When Setting Prices


CustomerPerceptionsofValue

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 8

Factors to Consider When Setting Prices


CustomerPerceptionsofValue

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 9

Factors to Consider When Setting Prices


Customer Perceptions of Value

Goodvaluepricing offerstheright combinationofqualityandgoodserviceat afairprice Existingbrandsarebeingredesignedto offermorequalityforagivenpriceorthe samequalityforalowerprice


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 10

Factors to Consider When Setting Prices


Customer Perceptions of Value

Everydaylowpricing(EDLP)involves chargingaconstanteverydaylowprice withfewornotemporarypricediscounts Highlowpricinginvolvescharginghigher pricesonaneverydaybasisbutrunning frequentpromotionstolowerprices temporarilyonselecteditems


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 11

Factors to Consider When Setting Prices


CustomerPerceptionsofValue

Valueaddedpricingattachesvalueadded featuresandservicestodifferentiate offers,supporthigherprices,andbuild pricingpower Pricingpoweristheabilitytoescapeprice competitionandtojustifyhigherpricesand marginswithoutlosingmarketshare


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 12

Factors to Consider When Setting Prices


Company and Product Costs

Costbasedpricinginvolvessettingprices basedonthecostsforproducing, distributing,andsellingtheproductplusa fairrateofreturnforitseffortandrisk

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 13

Factors to Consider When Setting Prices


Company and Product Costs

Costbasedpricingaddsastandardmarkup tothecostoftheproduct

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 14

Factors to Consider When Setting Prices


CompanyandProductCosts Typesofcosts

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 15

Factors to Consider When Setting Prices


Company and Product Costs

Fixedcosts arethecoststhatdonotvary withproductionorsaleslevel Rent Heat Interest Executivesalaries


Chapter 10- slide 16

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Factors to Consider When Setting Prices


Company and Product Costs

Variablecosts arethecoststhatvarywith thelevelofproduction Packaging Rawmaterials

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 17

Factors to Consider When Setting Prices


Company and Product Costs

Totalcosts arethesumofthefixedand variablecostsforanygivenlevelof production Averagecostisthecostassociatedwitha givenlevelofoutput


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 18

Factors to Consider When Setting Prices


CostsatDifferentLevelsofProduction

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 19

Factors to Consider When Setting Prices


Costs as a Function of Production Experience
Experienceorlearningcurveiswhenaveragecostfallsas productionincreasesbecausefixedcostsarespreadover moreunits

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 20

Factors to Consider When Setting Prices


Cost-Plus Pricing

Costpluspricingaddsastandardmarkupto thecostoftheproduct Benefits


Sellersarecertainaboutcosts Pricesaresimilarinindustryandpricecompetitionis minimized Consumersfeelitisfair

Disadvantages
Ignoresdemandandcompetitorprices
Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 21

Factors to Consider When Setting Prices


Break-Even Analysis and Target Profit Pricing

Breakevenpricingisthepriceatwhichtotal costsareequaltototalrevenueandthere isnoprofit Targetprofitpricingisthepriceatwhichthe firmwillbreakevenormaketheprofitits seeking


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 22

Factors to Consider When Setting Prices


BreakEvenAnalysisandTargetProfitPricing

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Chapter 10- slide 23

Considerations in Setting Price

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 24

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations AffectingPriceDecisions

Customerperceptionsofvaluesetthe upperlimitforprices,andcostsset thelowerlimit Companiesmustconsiderinternal andexternalfactorswhensetting prices

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 25

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations AffectingPriceDecisions

Targetcosting startswithanidealselling pricebasedonconsumervalue considerationsandthentargetscoststhat willensurethatthepriceismet

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 26

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations AffectingPriceDecisions

Organizationalconsiderationsinclude: Whoshouldsettheprice Whocaninfluencetheprice

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 27

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations AffectingPriceDecisions
TheMarketandDemand

Beforesettingprices, themarketermust understandthe relationshipbetween priceanddemandfor itsproducts


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 28

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderationAffecting PriceDecisions Competition

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 29

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations AffectingPriceDecisions
Thedemandcurveshowsthenumberofunitsthe marketwillbuyinagivenperiodatdifferentprices Normally,demandandpriceareinverselyrelated Higherprice=lowerdemand Forprestige(luxury)goods,higherpricecanequalhigher demandwhenconsumersperceivehigherpricesas higherquality

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 30

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations AffectingPriceDecisions

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 31

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations AffectingPriceDecisions
Priceelasticityofdemand illustratestheresponseofdemandtoa changeinprice
Inelasticdemand occurswhendemandhardlychangeswhenthereisa smallchangeinprice Elasticdemand occurswhendemandchangesgreatlyforasmallchangein price

Priceelasticityofdemand=%changeinquantitydemand %changeinprice
Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 32

Factors to Consider When Setting Prices


OtherInternalandExternalConsiderations Competitor'sStrategies

Comparisonofofferingin termsofcustomervalue Strengthofcompetitors Competitionpricingstrategies Customerpricesensitivity


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 33

Factors to Consider When Setting Prices


OtherInternalandExternalConsideration AffectingPriceDecisions

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 34

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America.

Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall


Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall

Chapter 10- slide 35

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