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Mkt 571 Week 4 Tapping the Global Market

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MKT 571 Week 4 Tapping The Global Market PPT!!

Determine Pricing Strategies

Consumers often actively process price information, interpreting it from the context of prior purchasing experience, formal communications ( advertising, sales calls, and brochures), informal communications ( friends, colleagues, or family members). How consumers perceive prices and what they consider the current actual price to be (Kotler & Keller, 2012).

Reference prices compare an observed price to an internal reference price they remember or an external frame of reference such as a posted regular retail price (Kotler & Keller, 2012).

PRICE- QUALITY INFERENCES Many consumers use price as an indicator of quality. Higher- priced cars are perceived to possess high quality (Kotler & Keller, 2012).

PRICE ENDINGS Many sellers believe prices should end in an odd number. Customers see an item priced at $ 299 as being in the $ 200 rather than the $ 300 range (Kotler & Keller, 2012).

Selecting the pricing objective

Survival - prices cover variable costs and some fixed costs, the company stays in business (Kotler & Keller, 2012).

Maximum Current Profit - Many companies try to set a price that will maximize current profits (Kotler & Keller, 2012).

Maximum Market Share – Higher sales volume will lead to lower unit costs and higher long- run profit. Set the lowest price, assuming the market is price sensitive (Kotler & Keller, 2012).

Maximum Market Skimming - setting high prices to maximize market skimming, prices start high and slowly drop over time (Kotler & Keller, 2012).

Product-Quality Leadership - product- quality leader in the market (Kotler & Keller, 2012).

Determining Demand

Price Sensitivity - reactions of many...

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