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The Appendix
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Pricing Methods
Product and
Pricing Strategies
Pricing Objectives
Pricing Strategies
Pricing Products
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Product Strategy
Product and
Pricing Strategies
(continued)
Product Packaging and Branding
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Product and Pricing Strategies > Pricing Methods
Pricing Methods
• Cost-Based Pricing
• Demand-Based Pricing
• Competition-Based Pricing
• Break-Even Analysis
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Product and Pricing Strategies > Pricing Objectives
Pricing Objectives
• Profit Optimization
• Return on Investment
• Market Share
• Demanding a Premium
• Status-Quo Pricing of Existing Products
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Product and Pricing Strategies > Pricing Strategies
Pricing Strategies
• New Product
• Differential
• Psychological Pricing
• Product Line
• Promotions
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Product and Pricing Strategies > Pricing Products
Pricing Products
• The Meaning of Price
• Impacts of Supply and Demand on Pricing
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Product and Pricing Strategies > New Product Development
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Product and Pricing Strategies > Product Strategy
Product Strategy
• Developing Products
• Developing Services
• Classifying Consumer Products
• Classifying Business Products
• Marketing Classes of Products
• Using a Product Life Cycle Framework
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Product and Pricing Strategies > Product Packaging and Branding
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Appendix
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Product and Pricing Strategies
Key terms
• advertising communication whose purpose is to influence potential customers about products and services.
• arbitrage Any market activity in which a commodity is bought and then sold quickly, for a profit which substantially exceeds the
transaction cost
• brand A name, symbol, logo, or other item used to distinguish a product, service, or its provider.
• Brand categories A generic classification of products or services.
• Brand Equity the value of having a well-known name, logo, or other identifier
• brand image The set of emotional and sensory perceptions a consumer associates with a particular product or service in their
mental construct of a brand.
• competitive-based pricing Competitive-based pricing occurs when a company sets a price for its good based on what
competitors are selling a similar product for.
• conceptualizing To conceive an idea for something.
• Consumer Someone who acquires goods or services for direct use or ownership rather than for resale or use in production
and manufacturing.
• credit A privilege of delayed payment extended to a buyer or borrower on the seller's or lender's belief that what is given will be
repaid.
• demand curve An economic model showing the quantity demanded at various price levels.
• demand-oriented pricing A pricing model focused on the nature of the demand curve for the product or service being priced.
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Product and Pricing Strategies
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Product and Pricing Strategies
• line consistency how closely related the products that make up the line are.
• line depth the number of subcategories a product category has.
• line vulnerability the percentage of sales or profits that are derived from only a few products in the line.
• loyalty In business, this is a customer's propensity to buy from the same organization again as a result of a meaningful brand
relationship.
• Market Share The percentage amount of a market captured by a single firm
• Market Share Percentage of some market held by a company.
• marketing The promotion, distribution and selling of a product or service; includes market research and advertising.
• marketing Marketing is the process of communicating the value of a product or service to customers.
• marketing mix The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when
determining a product or brand's unique selling point and is often synonymous with the four Ps: price, product, promotion, and
place.
• marketing mix The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when
determining a product or brand's unique selling point and is often synonymous with the four Ps: price, product, promotion, and
place.
• markups Markup is the difference between the cost of a good or service and its selling price. A markup is added on to the total
cost incurred by the producer of a good or service in order to create a profit.
• obsolete no longer in use; gone into disuse; disused or neglected (often by preference for something newer, which replaces
the subject).
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Product and Pricing Strategies
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Product and Pricing Strategies
• product mix the number of different categories and lines of goods or services offered by a company
• profits Collective form of profit.
• Promotional pricing The temporary reduction of the price of an established product in order to increase interest in customers.
• psychological pricing Psychological pricing or price ending is a marketing practice based on the theory that certain prices have
a psychological impact.
• pull strategy communication not demanded by the buyer
• push strategy communication demanded by the buyer
• rate of return Rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes just return, is the
ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested.
• reseller a company or individual that purchases goods or services with the intention of reselling them rather than consuming or
using them
• retention In general, this is the process of remembering something. In business, however, it refers to the ability of an
organization to keep its current customers.
• return on investment One way of considering profits in relation to capital invested.
• revenue the total income received from a given source
• Revenue optimization A method of finding the best possible combination of output and price level to give the most possible
revenue.
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Product and Pricing Strategies
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Product and Pricing Strategies
Olympus Camera
This Olympus camera is considered to be a consumer good.
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Saylor. CC BY 3.0 http://www.saylor.org/site/wp-content/uploads/2011/04/Core-Concepts-of-Marketing.pdf View on Boundless.com
Product and Pricing Strategies
Break-Even Analysis
This graphs depicts an example of a break-even point based on sales and total costs.
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Wikimedia. "CVP-TC-Sales-PL-BEP." Public domain http://commons.wikimedia.org/wiki/File:CVP-TC-Sales-PL-BEP.svg View on Boundless.com
Product and Pricing Strategies
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Wikimedia. "Paperboard packaging." CC BY-SA http://commons.wikimedia.org/wiki/File:Paperboard_packaging.jpg View on Boundless.com
Product and Pricing Strategies
Product Lifecycle
The product lifecycle.
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Saylor. CC BY 3.0 http://www.saylor.org/site/wp-content/uploads/2011/04/Core-Concepts-of-Marketing.pdf View on Boundless.com
Product and Pricing Strategies
Demand-based Pricing
Illustration of price points, or concave-downward cusps on a demand curve (P is price; Q is quantity demanded; A, B, and C are the price points)
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Wikimedia. "PricePointGraph." CC BY-SA http://commons.wikimedia.org/wiki/File:PricePointGraph.svg View on Boundless.com
Product and Pricing Strategies
Branding
Branding is about selling everything associated with your organization.
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Action Marketing Corportation. "Action Marketing Team - Brand Marketing." CC BY http://www.action-marketing-corp.com/Brand-Marketing.html
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Product and Pricing Strategies
Walmart Exterior
Large companies, such as Walmart, often have product lines that cover a wide variety of similar or related needs.
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Wikipedia. "Walmart exterior." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Walmart View on Boundless.com
Product and Pricing Strategies
Service Development
Dog walking is a service industry that has developed in recent years.
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Flickr. "Dogs." CC BY 2.0 https://www.flickr.com/photos/objetivoblando/galleries/72157644158546599/ View on Boundless.com
Product and Pricing Strategies
Assets
Return on assets (ROA), return on net assets (RONA), return on capital (ROC) and return on invested capital (ROIC) are similar measures with
variations on how 'investment' is defined.
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http://www.ivm4u.com/financial-asset-management-making-the-most-of-money/. "Account Suspended." CC BY
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Product and Pricing Strategies
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Wikipedia. "Pyramid_of_Production_Systems.jpg." CC BY-SA 3.0 https://upload.wikimedia.org/wikipedia/commons/b/b5/Pyramid_of_Production_Systems.jpg
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Product and Pricing Strategies
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Wikimedia. "Competitive market." Public domain http://commons.wikimedia.org/wiki/File:Competitive_market.jpg View on Boundless.com
Product and Pricing Strategies
Premium-Priced Good
Gold mined from different sources demand different premiums.
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Wikimedia. "Gold-Quartz-34577." CC BY-SA http://commons.wikimedia.org/wiki/File:Gold-Quartz-34577.jpg View on Boundless.com
Product and Pricing Strategies
Optimization
Optimization point at x1, x2.
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Wikimedia. "TE-Utility-Optimization." CC BY-SA http://commons.wikimedia.org/wiki/File:TE-Utility-Optimization.png View on Boundless.com
Product and Pricing Strategies
Market Share
Mobile phone market share in Q3 2008
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Wikimedia. "Mobile phone manufacturers market share in Q3-2008." CC BY-SA
http://commons.wikimedia.org/wiki/File:Mobile_phone_manufacturers_market_share_in_Q3-2008.png View on Boundless.com
Product and Pricing Strategies
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Fotopedia. CC BY-SA http://www.fotopedia.com/items/flickr-107360969 View on Boundless.com
Product and Pricing Strategies
Brands
Good branding gives a company several advantages, including establishing a positive reputation and building an image attractive to consumers.
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Free Pik. "World-famous brand logo vector material | Download free Vector." CC BY
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Product and Pricing Strategies
Convenience Goods
Convenience goods are typically found in convenience stores, such as the one pictured here.
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Flickr. "All sizes | Through A Mirror Dumbly | Flickr - Photo Sharing!." CC BY-SA http://www.flickr.com/photos/mikeschmid/1347273999/sizes/m/in/photostream/
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Product and Pricing Strategies
Price Skimming
Video game systems, such as the Sony PS3, usually employ the classic new product pricing strategy, known as skimming.
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Flickr. "All sizes | ps3 | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/smemon/4234593311/sizes/m/in/photostream/ View on Boundless.com
Product and Pricing Strategies
Product Testing
This is a photo of a temperature and humidity chamber used to simulate transport, warehouse environments, and shelf life conditions of a packaged
product.
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Wikimedia. "Environmental chamber." Public domain http://commons.wikimedia.org/wiki/File:Environmental_chamber.jpg View on Boundless.com
Product and Pricing Strategies
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Flickr. "Stop & Shop Price Cruncher Mail Shot - Late December 1994 - Page 1 | Flickr - Photo Sharing!." CC BY 2.0
http://www.flickr.com/photos/damo1977/4622514530/lightbox/ View on Boundless.com
Product and Pricing Strategies
Extractive Products
Quarries are examples of business that provide extractive products for other businesses.
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Wikimedia. "Quarry." Public domain http://commons.wikimedia.org/wiki/File:Quarry.jpg View on Boundless.com
Product and Pricing Strategies
Prototypes
One step in the product development process is technical development.
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Flickr. "All sizes | The X-Ray Car | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/jurvetson/5061260090/sizes/m/in/photostream/
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Product and Pricing Strategies
Louis Vuitton
Louis Vuitton sells luxury designer goods such as these suitcases. If Louis Vuitton merchandise was offered at low prices it might significantly undermine
the brand value, much of which is based upon exclusivity.
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Flickr. "All sizes | Louis Vuitton | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/savingfutures/3942180902/sizes/m/in/photostream/
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Product and Pricing Strategies
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Flickr. "All sizes | "Too often we underestimate the power of touch, a smile, a kind word, a listening ear" ~ | Flickr - Photo Sharing!." CC BY
http://www.flickr.com/photos/turtlemom_nancy/5565994509/sizes/m/in/photostream/ View on Boundless.com
Product and Pricing Strategies
Brand logo
Brand awareness refers to thecustomer's ability to recall and recognize the brand under different conditions,using memory associations to link to the
brand name, logo, jingles, and so forth.
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Flickr. "All sizes | Brands | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/nnova/2756729384/sizes/m/in/photostream/ View on Boundless.com
Product and Pricing Strategies
Commercialization
Bringing new products to market will require creative marketing techniques to achieve success like Red Bull did by creating mascot automobiles.
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Flickr. "Red Bull - Redbull | Flickr - Photo Sharing!." CC BY-SA http://www.flickr.com/photos/luc/2392499111/ View on Boundless.com
Product and Pricing Strategies
Price Differentiation
The airline industry implements price differentiation schemes.
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Wikimedia. "An American Airline's jet." CC BY-SA http://commons.wikimedia.org/wiki/File:An_American_Airline's_jet.JPG View on Boundless.com
Product and Pricing Strategies
Cost-based Pricing
Cost-based pricing model
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Wikimedia. "Figure Cost Based Pricing." CC BY-SA http://commons.wikimedia.org/wiki/File:Figure_Cost_Based_Pricing.jpg View on Boundless.com
Product and Pricing Strategies
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Wikimedia. "2_Touch_Point_Wheel.jpg." CC BY-SA 3.0 https://upload.wikimedia.org/wikipedia/commons/d/db/2_Touch_Point_Wheel.jpg View on Boundless.com
Product and Pricing Strategies
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Wikimedia. CC BY-SA http://upload.wikimedia.org/wikipedia/commons/e/e0/InnovationLifeCycle.jpg View on Boundless.com
Product and Pricing Strategies
SWOT Analysis
Here is an example of the SWOT analysis matrix.
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Wikimedia. "Recycle001." Public domain http://commons.wikimedia.org/wiki/File:Recycle001.svg View on Boundless.com
Product and Pricing Strategies
Product Screening
Before introducing the iPad to market, Apple had to go through a process of screening in order to conclude the new product would be a worthwhile
investment.
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Flickr. "iPad 3G and iPad Wi-Fi | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/ivyfield/4666982875/ View on Boundless.com
Product and Pricing Strategies
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Wikimedia. "Coca-Cola logo." Public domain http://commons.wikimedia.org/wiki/File:Coca-Cola_logo.svg View on Boundless.com
Product and Pricing Strategies
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Wikipedia. "Supply-and-demand." CC BY-SA http://en.wikipedia.org/wiki/File:Supply-and-demand.svg View on Boundless.com
Product and Pricing Strategies
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Wikimedia. "Competitive market." Public domain http://commons.wikimedia.org/wiki/File:Competitive_market.jpg View on Boundless.com
Product and Pricing Strategies
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Wikipedia. "Fourt-Woodlock equation." GNU FDL http://en.wikipedia.org/wiki/Fourt-Woodlock_equation View on Boundless.com
Product and Pricing Strategies
Attribution
• Wikipedia. "New product development." CC BY-SA 3.0 http://en.wikipedia.org/wiki/New_product_development
• Wiktionary. "patent." CC BY-SA 3.0 http://en.wiktionary.org/wiki/patent
• Global Text Project. "Core Concepts of Marketing by John Burnett." CC BY 3.0
https://archive.org/details/ost-business-core-concepts-of-marketing
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/idea-screening
• Wikipedia. "Brand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Brand
• Wiktionary. "brand." CC BY-SA 3.0 http://en.wiktionary.org/wiki/brand
• Wikipedia. "Pricing strategies." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Pricing_strategies
• Wikipedia. "Competitive market." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Competitive_market
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/competitive-based-pricing
• Wikibooks. "GCSE Business Studies/Price." CC BY-SA 3.0 http://en.wikibooks.org/wiki/GCSE_Business_Studies/Price
• Wikipedia. "rate of return." CC BY-SA 3.0 http://en.wikipedia.org/wiki/rate%20of%20return
• Wikipedia. "markups." CC BY-SA 3.0 http://en.wikipedia.org/wiki/markups
• Wikipedia. "Pricing strategies." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Pricing_strategies
• Wiktionary. "variable cost." CC BY-SA 3.0 http://en.wiktionary.org/wiki/variable_cost
• Wikipedia. "Cost-plus pricing." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cost-plus_pricing
• Wikipedia. "Consumer." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Consumer
• Wiktionary. "marketing." CC BY-SA 3.0 http://en.wiktionary.org/wiki/marketing
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Product and Pricing Strategies
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Product and Pricing Strategies
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Product and Pricing Strategies
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Product and Pricing Strategies
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Product and Pricing Strategies
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Product and Pricing Strategies
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Product and Pricing Strategies
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