Pricing Process Developing pricing objectives Positioning market shareprofit

Pricing process developing pricing objectives

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Pricing Process Developing pricing objectives (Positioning, market share/profit) • Assessing the target market’s ability to purchase • Determining the demand elasticity and the price reaction • Analyzing the relationship between demand, price and costs • Analyzing the competitors prices and reactions • Selecting a pricing policy • Selecting a pricing method • Defining the price
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PRICING TACTICS Promotional Short term tactic to boost sales: encourage new users shift unsold stock encourage brand switching fight off competitors
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PRICING TACTICS Price discrimination Different prices for markets, eg: student rates north/south… city/suburbs seasonal/weekly/time of day Maximise/smooth demand… trains
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PRICING TACTICS Product mix Prices within range and portfolio: de-luxe higher price vs standard ensure items at all “price points” Ensure don’t compete with yourself
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