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7_ch13_pricing - Objectives Setting the Price Adapting the...

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Pricing Products and Services
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Objectives Setting the Price Adapting the Price Recent Developments in Pricing
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Price is what you pay for what you get Tuition - education Interest – use of money Rent – use of living quarters or equipment Fare – taxi ride or airline flight Fee – services of an accountant or lawyer Retainer – lawyer’s or consultant’s services over time Toll – long-distance phone call or travel on highways Salary – services of a white-collar employee or executive Wage – services of a blue collar employee Commission – salesperson’s services Dues – membership in a union or club Blackmail, ransom, bribery
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Setting Pricing Policy 1.Identify pricing constraints and objectives 2.Estimate demand and revenue 3.Estimate costs, volume & profit relationships 6. Make special adjustments to list or quoted price
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Pricing Constraints Demand Newness / PLC Single vs Product Line Cost of production Cost of price revision Market competition Competitors’ prices
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Types of Costs
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