MarketingCh13 - Pricing Price is the money or other...

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Pricing Price is the money or other considerations exchanged for the ownership or use of a good or service. Price can take on many names: rent, tuition, interest, fee, dues, premium, etc.
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Figure 13-2, p. 332: The Pricing Equation
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Price, Quality and Value Perceived product or service attributes Perceived substitute product or service attributes Perceived product or service price Perceived substitute product or service price Perceived benefits Perceived price Value = value-pricing
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Figure 13-3, p. 333: Steps in Setting Price
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Step 1: Common Pricing Objectives Pricing objectives reflect corporate/business goals, but they are often constrained by market conditions. - Profit / ROI / ROA - Long run, current, target returns - Sales / Market Share / Unit Volume - Survival - Social Responsibility
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Step 1: Pricing Constraints Demand for product class, product, and brand Newness of the product / Stage in Life Cycle Single Product vs. Product Lines Costs of producing and marketing the product
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