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10-1i t s good and good for youChapter TenPricing:UnderstandingandCapturingCustomerValue10-2Pricing:Understanding and Capturing Customer ValueWhatIsaPrice?MajorPricingStrategiesOtherInternalandExternalConsiderationsAffectingPriceDecisionsTopicOutline10-3Priceistheamountofmoneychargedforaproductorservice.Itisthesumofallthevaluesthatconsumersgiveupinordertogainthebenefitsofhavingorusingaproductorservice.What Is a Price?10-4Priceistheonlyelementinthemarketingmixthatproducesrevenue;allotherelementsrepresentcostsWhat Is a Price?10-5Major Pricing StrategiesUnderstandinghowmuchvalueconsumersplaceonthebenefitstheyreceivefromtheproductandsettingapricethatcapturesthatvalueCustomerValue-BasedPricing10-6Major Pricing StrategiesCustomerValue-BasedPricing10-7Major Pricing StrategiesValue-basedpricingusesthebuyersperceptionsofvalue,notthesellerscost,asthekeytopricing.Priceisconsideredbeforethemarketingprogramisset.Value-basedpricingiscustomerdrivenCost-basedpricingisproductdrivenCustomerValue-BasedPricing10-8Major Pricing StrategiesCustomerValue-BasedPricing10-9Major Pricing StrategiesGood-valuepricingofferstherightcombinationofqualityandgoodserviceatafairpriceCustomerValue-BasedPricing10-10Major Pricing StrategiesEverydaylowpricing(EDLP)chargingaconstanteverydaylowpricewithfewornotemporarypricediscountsCustomerValue-BasedPricing10-11Major Pricing StrategiesHigh-lowpricingcharginghigherpricesonaneverydaybasisbutrunningfrequentpromotionstolowerpricestemporarilyonselecteditemsCustomerValue-BasedPricing10-12Major Pricing StrategiesValue-addedpricingattachesvalue-addedfeaturesandservicestodifferentiateoffers,supporthigherprices,andbuildpricingpowerCustomerValue-BasedPricing10-13Major Pricing StrategiesCost-basedpricingsettingpricesbasedonthecostsforproducing,distributing,andsellingtheproductplusafairrateofreturnforeffortandriskCost-Based Pricing10-14Major Pricing StrategiesCost-basedpricingaddsastandardmarkuptothecostoftheproductCost-BasedPricing10-15Major Pricing StrategiesFixed costsVariable costsTotal costsCost-BasedPricingTypesofcosts10-16Major Pricing StrategiesFixedcostsarethecoststhatdonotvarywithproductionorsaleslevelRentHeatInterestExecutivesalariesCost-BasedPricing10-17Major Pricing StrategiesVariablecostsarethecoststhatvarywiththelevelofproductionPackagingRawmaterialsCost-Based Pricing10-18Major Pricing StrategiesTotalcostsarethesumofthefixedandvariablecostsforanygivenlevelofproductionCost-Based Pricing10-19Major Pricing StrategiesCostsasaFunctionofProductionExperience10-20Major Pricing StrategiesExperienceorlearningcurveiswhenaveragecostfallsasproductionincreasesbecausefixedcostsarespreadovermoreunitsCosts as a Function of Production Experience10-21Major Pricing StrategiesCost-pluspricingaddsastandardmarkuptothecostoftheproductBenefitsSellersarecertainaboutcostsPricesaresimilarinindustryandpricecompetitionisminimizedBuyersfeelitisfairDisadvantagesIgnoresdemandandcompetitorpricesCost-Plus Pricing10-22Major Pricing StrategiesBreak-evenpricingisthepriceatwhichtotalcostsareequaltototalrevenueandthereisnoprofitTargetprofitpricingisthepriceatwhichthefirmwillbreakevenormaketheprofititsseekingBreak-Even Analysis and Target Profit Pricing10-23Major Pricing StrategiesBreak-EvenAnalysisandTargetProfitPricing10-24Major Pricing StrategiesSettingpricesbasedoncompetitorsstrategies,costs,prices,andmarketofferings.Consumerswillbasetheirjudgmentsofaproductsvalueonthepricesthatcompetitorschargeforsimilarproducts.Competition-basedpricing10-25Considerations in Setting Price10-26Other Internal and External Considerations Affecting Price DecisionsTargetcostingstartswithanidealsellingpricebasedonconsumervalueconsiderationsandthentargetscoststhatwillensurethatthepriceismet10-27Other Internal and External Considerations Affecting Price DecisionsOrganizationalconsiderationsinclude:WhoshouldsetthepriceWhocaninfluencetheprices10-28OtherInternalandExternalConsiderationsAffectingPriceDecisionsBeforesettingprices,themarketermustunderstandtherelationshipbetweenpriceanddemandforitsproductsTheMarketandDemand10-29OtherInternalandExternalConsiderationAffectingPriceDecisionsPure competitionMonopolistic competitionOligopolistic competitionPure monopolyCompetition10-30Other Internal and External Considerations Affecting Price DecisionsThedemandcurveshowsthenumberofunitsthemarketwillbuyinagivenperiodatdifferentpricesNormally,demandandpriceareinverselyrelatedHigherprice=lowerdemandForprestige(luxury)goods,higherpricecanequalhigherdemandwhenconsumersperceivehigherpricesashigherquality10-31OtherInternalandExternalConsiderationsAffectingPriceDecisions10-32Other Internal and External Considerations Affecting Price DecisionsPriceelasticityofdemandillustratestheresponseofdemandtoachangeinpriceInelasticdemandoccurswhendemandhardlychangeswhenthereisasmallchangeinpriceElasticdemandoccurswhendemandchangesgreatlyforasmallchangeinprice10-33Other Internal and External Considerations Affecting Price DecisionsPriceelasticityofdemand=%changeinquantitydemand%changeinprice10-34OtherInternalandExternalConsiderationAffectingPriceDecisionsEconomic conditionsResellers response to price GovernmentSocial concerns10-35_istheonlyelementinthemarketingmixthatproducesrevenue.1.Process2.Price3.Place4.Promotion10-36_istheonlyelementinthemarketingmixthatproducesrevenue.1.Process2.Price3.Place4.Promotion10-37Everydaylowpricing(EDLP)isatypeof_pricingbasedonbuyersperceptions.1.value-added2.cost-based3.product-based4.good-value10-38Everydaylowpricing(EDLP)isatypeof_pricingbasedonbuyersperceptions.1.value-added2.cost-based3.product-based4.good-value10-39In_,themarketconsistsofmanybuyersandsellerswhotradeoverarangeofpricesratherthanasinglemarketprice.1.oligopolisticcompetition2.apuremonopoly3.monopolisticcompetition4.purecompetition10-40In_,themarketconsistsofmanybuyersandsellerswhotradeoverarangeofpricesratherthanasinglemarketprice.1.oligopolisticcompetition2.apuremonopoly3.monopolisticcompetition4.purecompetition10-41_pricingusesbuyersperceptionsofvalue,notthesellerscost,asthekeytopricing.1.Cost-basedpricing2.Product-basedpricing3.Customervalue-basedpricing4.Competition-basedpricing10-42_pricingusesbuyersperceptionsofvalue,notthesellerscost,asthekeytopricing.1.Cost-basedpricing2.Product-basedpricing3.Customervalue-basedpricing4.Competition-basedpricing10-43_donotvarywithproductionorsaleslevel.1.Overheadcosts2.Variablecosts3.Totalcosts4.Sumcosts10-44_donotvarywithproductionorsaleslevel.1.Overheadcosts2.Variablecosts3.Totalcosts4.Sumcosts10-45Whatreferstothedropintheaveragecostwithaccumulatedproductionexperience?1.Economiesofscope2.Demandcurve3.Utilitycurve4.Learningcurve10-46Whatreferstothedropintheaveragecostwithaccumulatedproductionexperience?1.Economiesofscope2.Demandcurve3.Utilitycurve4.Learningcurve10-47Afoodprocessormanufacturerhasthefollowingcostsandexpectedsales:Variable cost=$15 per unitFixed cost=$600,000Expected unit sales=60,000Whatwouldbetheunitcost?1.202.253.154.2210-48Afoodprocessormanufacturerhasthefollowingcostsandexpectedsales:Variable cost=$15 per unitFixed cost=$600,000Expected unit sales=60,000Whatwouldbetheunitcost?1.202.253.154.2210-49Whatisthebreak-evenunitvolumeforacompanywithfixedcostsof$30,000,variablecostsof$10,andapriceof$20/unit?1.2,500units2.2,000units3.3,000units4.3,500units10-50Whatisthebreak-evenunitvolumeforacompanywithfixedcostsof$30,000,variablecostsof$10,andapriceof$20/unit?1.2,500units2.2,000units3.3,000units4.3,500units10-51Whichtypeofmarketconsistsofafewsellerswhoarehighlysensitivetoeachotherspricingandmarketingstrategies?1.Oligopolisticcompetition2.Puremonopoly3.Monopolisticcompetition4.Purecompetition10-52Whichtypeofmarketconsistsofafewsellerswhoarehighlysensitivetoeachotherspricingandmarketingstrategies?1.Oligopolisticcompetition2.Puremonopoly3.Monopolisticcompetition4.Purecompetition10-53Aresellerbuysaproductfromamanufacturerfor$40andwantstoearn20percentonthesalesprice.Whatwillthenewpricebe?1.482.603.544.5010-54Aresellerbuysaproductfromamanufacturerfor$40andwantstoearn20percentonthesalesprice.Whatwillthenewpricebe?1.482.603.544.5010-55ProjectsInterviewalocalbusinessabouttheirpricingphilosophyand/orstrategy.Usetheirtermsandthenapplywhatyouhavelearnedfromthemtoassesstheirapproachtothosedescribedinthetext.Whatarethesimilaritiesanddifferences?(Objective2)Usethelocalnewspapertocomparegrocerystoreadsforpricespecials.Whatcanyoudetermineaboutthecompetitorspricingstrategies?Howmanyofthetechniquesfromthechapterdotheorganizationsseemtobeusing?Whatstrategyappearstobethemostsuccessful?Howdidyoumakethisjudgment?(Objective2)HowdoesWalmartmakeuseofgood-valuepricing?(Objective2)ExplainhowcompaniessuchasDellusecost-pluspricing.Whatarethecompetitivedisadvantagesofsuchpricingstrategies?(Objective3)Takeadrivearoundtownandlookatthepriceofgasolineatavarietyofdifferentstations.Useoligopolisticcompetitiontoexplainwhatyouareseeing.(Objective3)10-56Formstudentsintogroupsofthreetofive.EachgroupshouldreadRealMarketing10.1(p.318).Eachgroupshouldthenanswerthefollowingquestionsandsharetheiranswerswiththeclass.(Objective1)ExplainSouthernSunspricingstrategyinyourownwords.Whatismeantbytheterm,“price”inthiscompany?HowisSouthernSundistinguishingitselffromotherhotelchains?Analyzethestatement,“Givepeoplesomethingofvalue,andtheyllgladlypayforit.”HowdoesitapplytoSouthernSun?Small Group Assignments10-57Rereadtheopeningsectionofthischapteron“WhatIsaPrice?”Imagineyouareconsideringpurchasinganewsuitforinterviewing.Youareconsideringcomparison-shoppingforyournewsuitatSaksFifthAvenue(high-enddepartmentstore)andDillards(moderatedepartmentstore).Discusstheoveralldifferencesin“price”betweenthetwoestablishments.(Objective1)Whatiseverydaylowpricing?BesidesWalmart,whatcompaniesdoyoubelievehavebeenabletousethispricingstrategytogreatsuccess?(Objective2)Individual Assignments10-58Considerthefollowingquestions,formulateananswer,pairwiththestudentonyourright,shareyourthoughtswithoneanother,andrespondtoquestionsfromtheinstructor.Whatisprice?(Objective1)Discusstherolethatcustomervalueplaysinthedeterminationofprice.(Objective2)Explainthedifferencebetweenvalue-based,good-value,andvalue-addingpricingstrategies.(Objective2)Whatistarget-profitpricing?(Objective3)Explainthedemandcurve.(Objective3)Think-Pair-Share
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