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by: Vinnie Haley


Marketplace > Clemson University > Marketing > MKT 301 > PRIN OF MARKETING
Vinnie Haley
GPA 3.75

Amanda Fine

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Amanda Fine
Class Notes
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This 3 page Class Notes was uploaded by Vinnie Haley on Saturday September 26, 2015. The Class Notes belongs to MKT 301 at Clemson University taught by Amanda Fine in Fall. Since its upload, it has received 16 views. For similar materials see /class/214203/mkt-301-clemson-university in Marketing at Clemson University.

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Date Created: 09/26/15
0 Chapter 12 v Importance of Pricing gt Benefit vs cost gt Most challenging of the 4 P s to manage gt Only P creating revenue gt v Price is a Signal 0 Important in purchase decisions gt Prices can be both too high and too low I Too high might signal low value I Too low might signal poor quality gt Match the product or service with the consumer s value perceptions o I Different priced vodka s v The Five C s of Pricing gt Customers V I Do not need to know pages 230 233 I Psychological factors affecting pricing 0 Reference prices O External price reference gt When someone gives you a price sale price O lnternal reference price gt Your own perception of what the price should be 0 Everyday low pricing O No sales always at the lowest price 0 High low pricing O Everything at a higher price then have some sale days Costs I Do not need to know information in this section on pages 234 235 0 Do not need to know pages 236 237 Competition I Do not need to know pages 237 239 Channel Members I Do not need to know pages 239 Company Objectives I Profit orientation 0 Target profit pricing O Identify the price where the product will be competitive O Define desired profit per unit O Price minus profit and make at this cost 0 Maximizing profits O At what point can we make the most revenue 0 Target return pricing Q What are the assets that we have Q What is the rate of return we will got on the given product O Want to make a certain percentage return on the product I Sales orientation 0 Focus on increasing sales 39239 Macrol gt Eve gt The gt Eco o 00 Concerned with overall market share Competitor orientation Premium pricing O Setting prices above those in the market place Status quo pricing O Firm sets price and only changes to meet competition gt Gas stations Customer orientation Customer needs and value perceptions assessed Target price set New product pricing strategies Price skimming O Must be a high quality item O New technology tv s iphone Market penetration strategy O Walmart using very low prices 9 Experience curve gt Production costs decrease as your volume costs increase nfluence on pricing rything outside the company internet lncreased price sensitivity New product categories Growth of online auctions nomic factors Cross shopping Globalization Local economic conditions Competition Disposable income Unemployment Legal Aspects and Ethics of Pricing gt Deceptive or illegal price advertising Deceptive reference prices Manufacturer price is not a real price Loss leader pricing 0 Leader pricing O Pricing strategy where to increase store traffic prices are at orjust above cost Loss leader pricing O Price the product below store cost Bait and switch gt Predatory Pricing gt Pric Set prices so aggressively low to drive someone else out of business e discrimination Price discrimination Sells at different prices to different entities Can sell at different prices to different customers Quantity discounts 0 Buying in bulk so getting a discount If the market season changes Going out of business Keeping up with competition


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