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Pricing

Products:
Pricing
Considerations,
Approaches,
and Strategy

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
“The real issue is value, not
price.”

-Robert T. Lindgren

©2006 Pearson Education, Inc. Marketing


Marketing
for Hospitality
for Hospitality
and Tourism,
and Tourism,
4th edition
4th edition
Upper Saddle River, NJ 07458 Kotler,
Kotler,Bowen,
Bowen,and andMakens
Makens
Chapter Objectives
• Outline the internal factors affecting pricing
decisions, especially marketing objective,
marketing-mix strategy, costs, and
organizational considerations

• Identify and define the external factors affecting


pricing decisions, including the effects of the
market and demand, competition, and other
environmental elements

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Chapter Objectives
• Contrast the differences in general pricing
approaches, and be able to distinguish
among cost-plus, target profit pricing, value-
based pricing, and going rate

• Identify the new product pricing strategies of


market-skimming pricing and market-
penetration pricing

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Chapter Objectives
• Understanding how to apply pricing strategies
for existing products, such as price bundling
and price adjustment strategies

• Discuss the key issues related to price


changes, including initiating price cuts and
price increases, buyer and competitor
reactions to price changes, and responding to
price changes

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Price
• Price is the amount of money charged for a good or
service

• The only marketing mix element that produces revenue

• Changing too much chases away potential customers,


charging too little cuts revenue

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Factors to Consider
when Setting Prices

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Internal Factors
• Marketing Objectives
– Survival
– Current Profit Maximization
– Market-Share Leadership
– Brad Equity Growth
– Product-Quality Leadership

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Internal Factors
• Marketing Mix Strategy

• Costs
– Fixed vs. Variable Costs

• Organizational Considerations
©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
External Factors Affecting
Pricing Decisions
• Market and Demand

• Cross Selling and Upselling

• Consumer Perceptions of Price and


Value

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
External Factors Affecting
Pricing Decisions
• Analyzing the Price – Demand
Relationship

• Price Elasticity of Demand

• Factors Affecting Price Sensitivity

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Price Elasticity of Demand

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Factors Affecting Price
Sensitivity
• Unique Value Effect

• Substitute Awareness Effect

• Business Expenditure Effect

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Factors Affecting Price
Sensitivity
• End-Benefit Effect
• Total Expenditure Effect
• Sunk Investment Effect
• Price Quality Effect

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
General Pricing Approaches
• Cost-Based Pricing

• Break-Even Analysis and Target Profit Pricing

• Value-Based Pricing

• Competition-Based Pricing

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Cost Based Pricing
Product
Product

Cost
Cost

Price
Price

Value
Value

Customers
Customers
©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Break-even

• BE= Fixed Costs/Contribution (SP-VC)


• Example - Meal - SP = $20, VC = $8
• Fixed costs are $2400 a day
• BE=$2400/$12 = 200
• Need to sell 200 meals @ $20 to break-even
• VC = 40%, contribution = 60%
• BE = $2400/.6 = $4000

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Break-even Analysis or Target Profit
Pricing

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Value-based Pricing
Customer
Customer

Value
Value

Price
Price

Cost
Cost

Product
Product

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Competition-Based Pricing
Product

Cost

Price

Value

Customer
©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Pricing Strategies
• New-Product Pricing Strategies

• Existing-Product Pricing Strategies

• Psychological Pricing

• Promotional Pricing
©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
New-Product
Pricing Strategies
• Prestige Pricing

• Market-Skimming Pricing

• Market-Penetration Pricing

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Setting Initial Product Prices
Market
Market Skimming
Skimming Market
Market Penetration
Penetration
> Setting a high price
> Setting a low price
for a new product to
for a new product in
skim maximum
order to attract a
revenues from the
large number of
target market.
guests.
> Results in fewer,
> Results in a larger
more profitable sales.
market share.
> Popular night club
> New Marriott
charges a high cover
charge

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Existing-Product
Pricing Strategies
• Product-Bundle Pricing
• Price-Adjustment Strategies
– Volume Discounts
– Discounts Based on Time of Purchase
– Discriminatory Pricing
– Yield Management
• Non-Use of Yield Management
• Last-Minute Pricing

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Product-Bundling Pricing
• Transfer surplus reservation price (the maximum
price a customer will pay for a product)
– Customer A will pay $60 for a Disney pass and and
$120 for a hotel room,Customer B will pay $95 for the
Disney pass and $80 for the hotel room – A hotel
selling a two night package with pass for $350 will get
both customer
• Price-bundling also reduces price competition –
by making it hard to figure price of components
– In an airline and hotel package it is difficult to
determine the price of the room

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Psychological Pricing
• Price-quality relationship

• Reference prices

• Rounding

• Length of the field


©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Promotional Pricing

• Temporary pricing of products below


list price and sometimes below cost

– Value Pricing

– Price Sensitivity Measurement

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Price Sensitivity Measurement
• Price Sensitivity Measurement (PSM) helps to establish a
balance of price with product or service value based on
consumer’s perceptions of that value.
– The product or service to be cheap?
– The product or service to be expensive?
– The product or service to be too expensive, so expensive that you will
not consider buying it?
– The product or service to be too cheap, so cheap that you would
question the quality?

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Other Pricing
Considerations

• Price Spread Effect


– “The highest price menu item should
not be more the 2.5 times the price
of the lowest”

• Price Points

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Initiating Price Cuts

• Excess capacity

• Dominate market

• Increase market share

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Initiating Price Increases

• Increase profits

• Cost inflation

• Excess demand

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Reactions to Prices Changes

• Buyer’s reaction

• Competitor’s reaction

• Trade Ally’s reaction

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Responding to Price Changes
• Why did competitor change price?

– To gain market share? Use excess capacity?

• Where is my product in its life cycle?

• What is its importance in the company’s


product mix?
©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Best Practices
• Boston Market
• Royal Caribbean Cruises revenue
management department
• La Colombe D’Or cross-selling
strategies

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Key Terms
• Cost-plus pricing

• Cross-selling

• Discriminatory pricing

• Fixed costs

• Going-rate pricing
©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens
Key Terms
• Price
• Survival
• Upselling
• Value-based pricing
• Yield management/Revenue
management

©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition
Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

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