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Group 2 objectives of pricing new design

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pricing

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Group 2 objectives of pricing new design

  1. 1. 1
  2. 2. WHAT ARE PRICING OBJECTIVES  Pricing objectives are the overall goals that describe the role of price in an organization  Act as guidelines to develop marketing strategies.  Thus Pricing objectives or goals give direction to the whole pricing process 2
  3. 3. PRICING OBJECTIVE CONSIDERATIONS  The overall financial, marketing, and strategic objectives of the company;  The objectives of your product or brand  Consumer price elasticity and price points  The resources available. 3
  4. 4. PRICING OBJECTIVES 4 •Profits-related Objectives •Sales-related Objectives •Competition-related Objectives •Customer-related Objectives •Other Objectives
  5. 5. PROFITS-RELATED OBJECTIVES With reference to price, following profit-related objectives may be prioritized:  Maximum Current Profit : This objective is aimed at making as much money as possible.  Target Return on Investment : Company sets its pricing policies and strategies in a way that sales revenue ultimately yields average return on total investment 5
  6. 6. MAXIMIZE CURRENT PROFIT 6
  7. 7. SALES-RELATED OBJECTIVES With reference to price, following Sales-related objectives may be prioritized :  Sales Growth: Pricing decisions are taken in way that sales volume can be raised. Setting price, altering in price, and modifying pricing policies are targeted to improve sales.  Target Market Share: Pricing decisions are taken in such a manner that enables the company to achieve targeted market share. Market share is a specific volume of sales determined in light of total sales in an industry.  Increase in Market Share : When company assumes that its market share is below than expected, it can raise it by appropriate pricing; pricing is aimed at improving market share 7
  8. 8. SALES-RELATED OBJECTIVES 8
  9. 9. SALES-RELATED OBJECTIVES 9
  10. 10. COMPETITION-RELATED OBJECTIVES With reference to price, following competition-related objectives may be prioritized:  To Face Competition: Company sets and modifies its pricing policies so as to respond the competitors strongly  To Keep Competitors Away: A company keeps its price as low as possible to minimize profit attractiveness of products  To Achieve Quality Leadership by Pricing: Tries to create a positive image that company’s product is standard or superior to the one offered by competitors 10
  11. 11. TO FACE COMPETITION 11
  12. 12. TO FACE COMPETITION 12
  13. 13. TO FACE COMPETITION 13
  14. 14. TO FACE COMPETITION 14
  15. 15. TO KEEP COMPETITORS AWAY 15
  16. 16. TO KEEP COMPETITORS AWAY 16
  17. 17. TO ACHIEVE QUALITY LEADERSHIP 17
  18. 18. TO ACHIEVE QUALITY LEADERSHIP 18
  19. 19. TO ACHIEVE QUALITY LEADERSHIP 19
  20. 20. TO ACHIEVE QUALITY LEADERSHIP 20
  21. 21. TO ACHIEVE QUALITY LEADERSHIP 21
  22. 22. TO ACHIEVE QUALITY LEADERSHIP 22
  23. 23. CUSTOMER-RELATED OBJECTIVES With reference to price, following customer-related objectives may be prioritized:  To Win Confidence of Customers: Company sets and practices its pricing policies to win the confidence of the target market.  To Satisfy Customers:. Company sets, adjusts, and readjusts its pricing to satisfy its target customers. In short, a company should design pricing in such a way that results into maximum consumer satisfaction. 23
  24. 24. CUSTOMER RELATED OBJECTIVES 24
  25. 25. OTHER OBJECTIVES 25 Market Penetration: This objective calls for charging the lowest possible price to win price-sensitive buyers. Promoting a New Product: To promote a new product successfully, the company sets low price for its products in the initial stage to encourage for trial and repeat buying. Maintaining Image and Reputation in the Market: Company, by charging reasonable price, stabilizing price, or keeping fixed price can create a good image and reputation in the mind of the target customers.
  26. 26. OTHER OBJECTIVES  To Skim the Cream from the Market: This objective concerns with skimming maximum profit in initial stage of product life cycle.  Price Stability: Company formulates pricing policies and strategies to eliminate seasonal and cyclical fluctuations. Stability in price has a good impression on the buyers.  Survival and Growth: Pricing policies are set in a way that company’s existence is not threatened. 26
  27. 27. 27
  28. 28. 28
  29. 29.   Baahubali' Benefit Shows: Ticket Price Ranges from ₹4,000 to ₹8,000; Rajamouli Sets New Record 29
  30. 30. SURVIVAL AND GROWTH 30
  31. 31. 32

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