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Marketing mix pricing

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Marketing mix pricing

  1. 1. MARKETING MIX The marketing mix principles (also known as the 4 P’s.) are used by business as tools to assist them in pursuing their objectives.
  2. 2. Price  The price is the amount a customer pays for the product.  It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product.  The business may increase or decrease the price of product if other stores have the same product.
  3. 3. Price  List Price  Discounts  Allowances  Payment Period  Credit Terms
  4. 4. List Price  In retail, price regularly quoted to customers before applying discounts. List prices are usually the prices printed on dealer lists, invoices, price tags, catalogs, or dealer purchase orders.
  5. 5. Price Lists
  6. 6. Discounts & Allowances  Discounting is a financial mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee  Discounts and allowances are reductions to a basic price of goods or services.
  7. 7. Innovative Discounts  Discount sales in shopping malls  Off season sales  Closing down sales  Festival sales  Credit points  Exchange offers – mobiles, cookers, cars
  8. 8. Festive Sales  Christmas & Diwali Sales
  9. 9. Innovative discounts  Discounts
  10. 10. End of season sale
  11. 11. Special Sales  Sales
  12. 12. Discount Rush
  13. 13. Payment Period & Credit Terms  The stipulation by a business as to when it should be paid for goods or services supplied, for example, cash with order, payment on delivery, or within a particular number of days of the invoice date.
  14. 14. Pricing Strategies Pricing should take into account the following factors:  Fixed and variable costs.  Competition  Company objectives  Proposed positioning strategies.  Target group and willingness to pay.
  15. 15. Marketing Mix (4P’s) Pricing Pricing Strategies Penetration Skimming Competition Product Line Bundle Psychological  Pricing is the only mix which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation.  It costs to produce and design a product, it costs to distribute a product and costs to promote it.  Price must support these elements of the mix.  Pricing is difficult and must reflect supply and demand relationship.
  16. 16. Pricing Strategies  Penetration pricing: Where the organisation sets a low price to increase sales and market share.  Skimming pricing: The organisation sets an initial high price and then slowly lowers the price to make the product available to a wider market. The objective is to skim profits of the market layer by layer.  Competition pricing: Setting a price in comparison with competitors.
  17. 17.  Product Line Pricing: Pricing different products within the same product range at different price points. An example would be a video manufacturer offering different video recorders with different features at different prices.  Bundle Pricing: The organisation bundles a group of products at a reduced price.  Psychological pricing: The seller here will consider the psychology of price and the positioning of price within the market place. The seller will therefore charge 99p instead £1 or $199 instead of $200.
  18. 18.  Premium pricing: The price set is high to reflect the exclusiveness of the product. An example of products using this strategy would be Harrods, first class airline services.  Optional pricing: The organisation sells optional extras along with the product to maximise its turnover. This strategy is used commonly within the car industry.