L9: P. of Price
6 important questions on L9: P. of Price
Name the different types of price determination methods
- Fixed cost (rent, electricity bills and etc.)
- Variable (these are tied to production volumes: raw materials).
Costumer based:
- Van Westendorp price settings method (willingness to pay)
- Tradeoff analysis
- Experiments
Competitor based:
Does not take into account differential advantages of companies.
- Prisoner's dilemma:
Ik zwijg Ik bekenHij zwijgtIk krijg een geldboeteIk ben vrijHij bekentIk krijg tien jaarIk krijg vijf jaar
Disadvantages of cost-based pricing
- not market oriented, but internal
- sales depend on price, this makes it hard to do sales estimation
What is the best price setting method?
- Higher grades + faster learning
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Pricing decisions: Price psychology
3 categories, but now with the previous highend as mid-end. Price categories are now €149, €199 and €229. Now 65% choose the midrange. Consumers tend to think dat choosing the mid-end they will not have the bad product but wont pay for things they need.
This is called Goldilocks pricing.
Pricing decisions: Bundling
When increase price and how
- demand > supply
- "harvest goal"
- increasing costs
This could be done:
- staged
- escalator clauses in contracts
- tower discounts
- price jump
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
