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14: Product and Pricing Strategies (Pricing Methods (Penetration pricing,…
14: Product and Pricing Strategies
Consumer Products
Shopping products : people buy less frequently
Convenience products : people buy frequently
Specialty products: Particular brands that buyer want
Industrial and Commercial Products
Raw materials
Supplies
Components
Installations
Business services
Equipment
New-Product Development Process
idea generation
prototyping
business analysis
Test marketing
idea screening
Commercialization
Product life cycle :
Four stages of product progresses
growth
maturity
introduction
decline
Product Identities
Brand
Brand loyalty
Brand names
Brand equity
Brand marks
Logo
Trademarks
Brand Ownership
Private brands
Co-branding
National brands
License
Product-Line and Product-Mix Strategies
Product line
Product mix
Brand managers : develop and implement the marketing strategies
Strategic Considerations in Pricing
Customer perceptions
Market demand
Government regulations
Competition
Marketing objectives
Pricing Methods
Penetration pricing
Loss-leader pricing : Selling one product at a loss
Skim pricing : high price for a new product
Optimal pricing : computer-based pricing method
Value-based pricing : based on customer perceptions
Cost-based pricing : based on production and marketing costs
Auction pricing: buyers bid on the products
Participative pricing
Freemium pricing
Price Adjustment Tactics
Bundling
Dynamic pricing
Discounts