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Marketing Mix 4Ps: Best

#pricingstrategies #pricing #4ps #marketingmix #Marketing Mix 4Ps: #Price and #Pricing #Strategies Most popular pricing strategies: #1) In #Mark-up #Pricing you simply add a % amount over the costs of making that good, in order to reach a profit per unit sold. If 50$ is the cost of raw materials and in the production industry, a 100% markup is usually considered, then the selling price will become 100$. #2) Target #Pricing on the other hand is a process of pricing in which the selling price of the product or service is determined first and then the cost is calculated by reducing the #profit margin. If your TC =10.000$ when producing 5.000 units and you expect a return of at least 20% per unit sold then the selling price will be [(10.000$/5.000units) x 0.1] x 2$ = 2.4$. #3) Contribution Cost Pricing (marginal cost) is a method that does not try to allocate fixed costs to specific products. Instead of this, the firm calculates a unit`s variable cost for the product in question and then adds an extra amount that is known as a ‘contribution’ to fixed costs. Contribution is usually known as SP-VC/unit. #4) Last but not least Full #Cost #Pricing strategy takes into consideration all the costs (FC+VC allocated to a unit) and then adds a fixed profit margin. For example, if monthly Fixed Costs are 1000$ and Variable Costs/unit = 3 dollars and we are currently producing 1000 unit per month, then we encounter a TC/unit = 4$. So if BEP is achieved at 4$/unit then if the reality allows us, we shall sell it for twice its total cost in order to encounter a serious profit. #5) #Competition-based #pricing - setting your price similar to the price practiced by your competitors. If a small simple DANONE yogurt costs 0.99$ and a ZUZU small simple yogurt costs 0.95$, then your selling price for the same product, as long as your brand can stand on the same shelf in the supermarket, could be between 0.94$-1.00$. #6) Penetration #Pricing involves #selling your product at a very low price, usually even lower than the actual cost of #production, while #promoting it aggressively in order to achieve a high volume of #sales. #7) Price #discrimination is possible only in markets where different groups of #consumers can be charged different #prices for the same #product. The usual practice for airlines, bus or train tickets, cinema tickets or gym memberships etc. #8) #Dynamic #pricing implies that the price of the product changes according to the level of #demand and ability to pay. Highly popular in e-commerce as other clients are not aware of the fact that others might benefit from better prices. For example, Airbnb increases the price for booking a room if there are many people interested in booking that room and vice versa if there are only a few clients that are studying the offer for accommodation. #9) #Price #skimming involves setting a high price for a new product especially one that has a strong #USP and a low #PED. The aim is to maximize short-term #profits, as it is just a matter of time until a competitor will enter the market with a similar product. Except in the case of a monopoly, companies tend to reduce the price of the product over a period of time. Apple Inc. is a great example of using such a strategy. #10) #Psychological #pricing is the business practice of setting prices lower than a whole number. The idea behind psychological pricing is that #customers will read the slightly lowered price and treat it lower than the #price actually is. An example of psychological pricing is an item that is priced $3.99 but conveyed by the #consumer as 3 dollars and not 4 dollars, treating $3.99 as a lower #price than $4.00. Chapters 00:00 - 1:03 Intro 01:04 - 03:19 Mark-up #price #pricing 03:20 - 05:50 Target #price #pricingstrategy 05:51 - 09:21 #contribution #cost #pricingstrategy 09:22 - 10:43 Full #cost #pricing 10:45 - 12:35 #competition based #pricingstrategy 12:36 - 14:24 Penetration #price 14:25 - 15:58 #price discrimination 15:59 - 17:37 #dynamic #pricing 17:38 - 20:02 #price #skimming 20:03 - 21:51 #psychological #pricingstrategy 21:52 - 23:02 Conclusions & Outro