Marketing Strategy | Pricing Strategies | External Pricing Factors | Chapter 10

Marketing Strategy : Management

Technology Based Marketing | Pricing Strategies | External Pricing Factors | Chapter 10;

Introduction (00:00:19)

Price (00:00:20 - 00:01:08)
Price is set for two main reasons - :
1) Profit Oriented
2) Non - Profit Oriented

Pricing Strategy and the Marketing Mix (00:01:09 - 00:02:27)
*Promotion - How much money is set aside for promotion
* Place - How is the product going to be distributed
* Product - are production costs likely to increase

External Pricing Factors and Internal Pricing Factors (00:02:28 - 00:04:09)
External Pricing Factors
* Supply
* Market Demand
* Competitors
* Government
- Internal Pricing Factors (It is based on Production Cost , Promotion , Distribution.)

Pricing Strategies (00:04:10 - 00:09:30)

- There are three main types of Pricing Strategies - :
1) Cost - Based Pricing - This Occurs when an Organization calculates the cost of a product, then adds a percentage mark up (profit)to it and sells at that price

2) Competition Based Pricing - This Occurs when a product's price is based on the competitor's prices not your own costs or consumer demand for the product

3) Value Based Pricing - This occurs when an organization sets its prices based on the consumer's perception of the value of the product.

Pricing Strategies for New Products (00:09:31 - 00:12:05)
These are o two types - :
a) Market Skimming Pricing
* Organisations aims for high price
b) Market Penetration Pricing
* Organisations aims for low price

Strategies for Adjusting Pricing (00:12:06 - 00:18:20)
* Discount Pricing (It can be classified into different categories for example Cash Discounts , Quantity Discounts , Trade Discounts etc.)
* Psychological Pricing (Occcurs according to the Psychological Pricing)
* Promotional Pricing (It can be small Packaged Products or product can be offered at a low price)
* Segmented Pricing (It can be further categorised as - Location Pricing , Customer Segment Pricing , Time Pricing)
* Geographical Pricing (It is because not all regions has the same social , economic Status)
* International Pricing (Different Countries or Places will have different prices for the same product)

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