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Product Mix Pricing Strategy | product line and captive product pricing | optional product pricing
 
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Product Mix Pricing Strategy | product line and captive product pricing | optional product pricing Principles of MARKETING (20 + videos) https://www.youtube.com/watch?v=mCAogfEz6bs&t=0s&list=PLU-cxjF-s0HlgTwSl9Xk3bx5z8q7kOD6F&index=12 Management HRM and STRATEGIC MANAGEMENT https://www.youtube.com/watch?v=uO3azOb2icE&t=314s&list=PLU-cxjF-s0Hml7o706eKofZ7D4bXIcJwH&index=6 ACCA PAPER F1 (Link of all videos) https://www.youtube.com/watch?v=JuEvXFhuYLw&list=PLU-cxjF-s0HkgAbbiOP9g2fMlsYSPg0K3 ECONOMICS for beginners | Micro and Macro (45 + videos) https://www.youtube.com/playlist?list=PLU-cxjF-s0HngkQ9xdQ5waYtpEO2MkP-D Basic Statistical Concepts (All videos) https://www.youtube.com/watch?v=APY8KSxxFSo&index=4&t=104s&list=PLU-cxjF-s0HkCIlcZMGfjHMukLIbDji1c Easy ECONOMETRICS (20 + videos) https://www.youtube.com/watch?v=WNf1DLTRlTo&index=7&list=PLU-cxjF-s0Hk0DOXPqauiHBfRgaFpqYxK&t=0s RESEARCH and THESIS Writing (10 + videos) https://www.youtube.com/watch?v=ib7yYggOgpA&t=308s&list=PLU-cxjF-s0HlVJnf2dev1KtoAD3ZljWVg&index=3 Life Skills and Inspirational videos (50 + videos) https://www.youtube.com/watch?v=WM3Upd0MeDg&index=19&list=PLU-cxjF-s0HmnD_TYqmkb6VBL6AusSB_Y OLIGOPOLY and GAME THEORY (6 videos) https://www.youtube.com/playlist?list=PLU-cxjF-s0HnlCialpcyfz0O8xminDXja Intro to Industrial Economics https://www.youtube.com/watch?v=eEGeuqhOVdQ&list=PLU-cxjF-s0HnHTZ05_CY6uGLgwVA3Aj-Q ========= About KOKAB MANZOOR ========= Kokab Manzoor is Certified Trainer | Speaker and Career Counselor. He has trained thousands of students and Professionals about Leadership and Management skills | Motivation | Personality Grooming | Career selection and about variety of other life skills. Has a sound understanding of needed traits for workplace success and a strong ability to train employees in improving those characteristics. Follow me www.Youtube.com/kokabmanzoor www.Facebook.com/kokabmanzoor19 [email protected] http://kokabmanzoor1.blogspot.com/
Views: 3376 Kokab Manzoor
Product Mix Pricing
 
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Views: 978 Karen Robson
Marketing Mix: Pricing Strategies
 
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Review the basics of the price component of the marketing mix. This critical element of your marketing strategy can make or break your competitive position. Provided by Rasmussen College School of Business.Download the PowerPoint presentation at http://www.sophia.org/marketing-mix-pricing-basics-tutorial
Views: 241277 Soma Datta
The Product Mix | Hindi | Marketing topics
 
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Views: 61527 Intellectual Indies
The Marketing Mix - Pricing
 
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On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Marketing strategy introduces the concept of Pricing. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Marketing module table of contents: Marketing: An Introduction Introduction to Marketing What is Marketing's role? Who works in Marketing? Marketing's key processes Marketing: Building a Marketing Strategy What is a marketing plan? The psychology of customers - needs, wants, and demands Conducting marketing research The different stages of marketing research Collecting Primary Data for Marketing Research Performing client segmentation Choosing a target customer group Marketing: How to set up an effective Marketing Mix The four Ps of Marketing and their importance Marketing: How to set up an effective Marketing Mix - Product decisions The product concept Classifying a firm's products The typical product lifecycle Product branding Product packaging Marketing: How to set up an effective Marketing Mix - Pricing decisions The variables influencing product pricing The demand curve Performing break-even calculations Marketing: How to set up an effective Marketing Mix - Place decisions Setting up product distribution Types of distribution channels The advent of e-commerce Marketing: How to set up an effective Marketing Mix - Promotion decisions The essence of marketing promotion Creating a marketing campaign The importance of social media Marketing: How to set up an effective Marketing Mix - A dynamic concept The four Ps of Marketing - A dynamic concept Marketing: Marketing strategy in the long run Allocating the funds available for Marketing - The budgeting exercise Using KPIs to improve decision-making Short-term vs. Long-term marketing goals Interpreting and calculating the Customer-Lifetime-Value formula -------------------------------- Pricing is the one variable a company can change overnight and see an immediate effect on revenues and profits. However, pricing decisions inconsistent with a firm’s competitive strategy can be dangerous, which is why companies should address the topic with much caution and attention. There are three important components we need to distinguish in this process. The amount a product costs to be produced, the price customers pay to buy the product, and the value they acquire from the product. If a company aims at cost leadership, then the focus will be costs (trying to keep them as low as possible). The company must offer a price slightly lower than the one offered by competitors. Conversely, if a firm’s strategy is differentiation, then the critical factor will be the value delivered to customers. Costs are not that important, as companies offering a differentiated product can charge more. So, pricing must be coherent with competitive strategy, although sometimes it is tempting to adjust prices to stimulate short-term gains of market share and increases of sales. Top-level managers have to stay focused on the big picture and make coherent decisions in line with the firm’s long-term strategy.
Views: 28700 365 Careers
The Product Mix
 
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Help us learn more about your experience by completing this short survey: https://www.surveymonkey.com/r/RRKS8LZ Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 The product mix represents the collection of different products that a business offers its customers. With an understanding of the product mix, businesses can develop a strategy to reach their customers by offering the right collections of goods and services. Learn more about the product mix in the latest lecture from Alanis Business Academy. In addition to learning general information about the product mix, you'll also learn how some of the strategy behind widening and narrowing a product mix.
Product Mix Pricing Strategies
 
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Group Presentation Number 3 Pricing Strategies & Tactics
Pricing Strategy An Introduction
 
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An introduction to the subject of Pricing Strategy and an overview of some of the tools and theories available in connection with the determining of price of a product or a service. This video is aimed at marketing management students.
Views: 137036 Tine Wade
#29, Marketing mix, price mix and strategy( Class 12 Business)
 
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Views: 210768 Mind your own business
product mix pricing strategies
 
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This is the most easy and best notes about product mix pricing strategy for those who are marketing students .it will help you best to know the difficult and confused terminology within short period of time .i hope this notes will help you best.please don't forget to like , comment and subscribe this channel.
Views: 2337 Aimy Khan
Pricing Strategies - How to price a product
 
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http://www.evancarmichael.com/support/ - SUPPORT ME :) Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! Help me caption & translate this video! http://www.amara.org/en/profiles/videos/Evan%20Carmichael/ Eduardo Orellana: "Hi +Evan Carmichael I have a question for you, what happens if you've found a product or service that people need and it is extremelly valuable but are having a hard time deciding how much to charge people for it? "
Views: 105416 Evan Carmichael
Pricing Strategies
 
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Introduction to pricing strategies as part of the marketing mix.
Views: 4983 Prof. Michael Netta
The Marketing Mix Pricing Strategies CUTL5106 160115-082129.wmv
 
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This video is about the marketing mix pricing strategies.
Views: 27 Alecia Walters
Pricing Strategies
 
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Pricing Strategies
Views: 162745 Thompson VSE
New Product and Product mix pricing
 
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New Product Pricing and Product Mix Pricing Strategies -- Created using Powtoon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 225 Jordan Wright
The Marketing Mix - The product concept
 
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On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Marketing strategy introduces the first P of the Marketing mix - the product. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Marketing module table of contents: Marketing: An Introduction Introduction to Marketing What is Marketing's role? Who works in Marketing? Marketing's key processes Marketing: Building a Marketing Strategy What is a marketing plan? The psychology of customers - needs, wants, and demands Conducting marketing research The different stages of marketing research Collecting Primary Data for Marketing Research Performing client segmentation Choosing a target customer group Marketing: How to set up an effective Marketing Mix The four Ps of Marketing and their importance Marketing: How to set up an effective Marketing Mix - Product decisions The product concept Classifying a firm's products The typical product lifecycle Product branding Product packaging Marketing: How to set up an effective Marketing Mix - Pricing decisions The variables influencing product pricing The demand curve Performing break-even calculations Marketing: How to set up an effective Marketing Mix - Place decisions Setting up product distribution Types of distribution channels The advent of e-commerce Marketing: How to set up an effective Marketing Mix - Promotion decisions The essence of marketing promotion Creating a marketing campaign The importance of social media Marketing: How to set up an effective Marketing Mix - A dynamic concept The four Ps of Marketing - A dynamic concept Marketing: Marketing strategy in the long run Allocating the funds available for Marketing - The budgeting exercise Using KPIs to improve decision-making Short-term vs. Long-term marketing goals Interpreting and calculating the Customer-Lifetime-Value formula -------------------------------- There are two main types of products that can be offered to clients – goods and services. Whether we talk about goods or services, we can say, usually, people are not just buying a product that solves one of their basic needs. They acquire the benefits and satisfaction they believe they’ll obtain from the product. They are interested in symbols and ideas that help them relate the product to a desired lifestyle and positive expectations about the future. Customers do not simply buy products because they satisfy their needs. Instead, they are interested in becoming clients of firms that offer them a complete product concept – an idea or a promise, if you will. The best products make people happier and create a positive expectation before being consumed.
Views: 27870 365 Careers
price marketing mix
 
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Views: 3754 Khan vids
Pricing strategies (price skimming, penetrating pricing) class 12
 
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class 12 business studies ch- marketing management Pricing strategies: 1. price skimming 2. penetrating pricing https://www.facebook.com/commercelect... like this page for more notes, videos and quiz if you any query you can comment below or email me : [email protected] For notes and online classes whatsapp on no. 8053779608
Views: 8553 Commerce lectures
The Marketing Mix: Pricing
 
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Pricing is a crucial element of marketing as research shows that consumers value and judge a product based on the price. In as much as firms would want to stay on the competitive edge by lowering prices when it deems necessary, some prices may pass the wrong message to the intended buyers. Therefore, pricing is a critical decision that should be made after all determinants have been considered with the interest of both the firm and the consumers analyzed carefully. understanding competitors and consumer behavior help a company to meet the expected market needs and remain relevant in the market.
Views: 27 Naira Harutyunyan
Product Mix - Marketing Management Video Lecture by Prof. Vijay Prakash Anand
 
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"MARKETING MANAGEMENT MASTERCLASS" Course Link and Discount Code: https://www.udemy.com/marketing-management-masterclass/?couponCode=MARKETINGYT In this video, I have talked about Product Mix. ................................................................................................ Web: www.marketingbyvijay.com Check out my blog: https://marketingbyvijay.wordpress.com/ Like my Facebook Page: https://www.facebook.com/marketingbyv... Please send your queries, feedback and suggestions on [email protected]
Views: 23879 Marketing by Vijay
Product mix decision in hindi
 
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Thank you friends to support me Plz share subscribe and comment on my channel and Connect me through Instagram:- Chanchalb1996 Gmail:- [email protected] Facebook page :- https://m.facebook.com/Only-for-commerce-student-366734273750227/ Unaccademy download link :- https://unacademy.app.link/bfElTw3WcS Unaccademy profile link :- https://unacademy.com/user/chanchalb1996 Telegram link :- https://t.me/joinchat/AAAAAEu9rP9ahCScbT_mMA
Views: 18222 study with chanchal
Product Mix
 
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Product Mix Lecture By: Ms. Madhu Bhatia, Tutorials Point India Private Limited
The Marketing Mix - The 4 P's of Marketing
 
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On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Marketing strategy introduces the concept of the Marketing Mix, and the 4 P's of marketing. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Marketing module table of contents: Marketing: An Introduction Introduction to Marketing What is Marketing's role? Who works in Marketing? Marketing's key processes Marketing: Building a Marketing Strategy What is a marketing plan? The psychology of customers - needs, wants, and demands Conducting marketing research The different stages of marketing research Collecting Primary Data for Marketing Research Performing client segmentation Choosing a target customer group Marketing: How to set up an effective Marketing Mix The four Ps of Marketing and their importance Marketing: How to set up an effective Marketing Mix - Product decisions The product concept Classifying a firm's products The typical product lifecycle Product branding Product packaging Marketing: How to set up an effective Marketing Mix - Pricing decisions The variables influencing product pricing The demand curve Performing break-even calculations Marketing: How to set up an effective Marketing Mix - Place decisions Setting up product distribution Types of distribution channels The advent of e-commerce Marketing: How to set up an effective Marketing Mix - Promotion decisions The essence of marketing promotion Creating a marketing campaign The importance of social media Marketing: How to set up an effective Marketing Mix - A dynamic concept The four Ps of Marketing - A dynamic concept Marketing: Marketing strategy in the long run Allocating the funds available for Marketing - The budgeting exercise Using KPIs to improve decision-making Short-term vs. Long-term marketing goals Interpreting and calculating the Customer-Lifetime-Value formula -------------------------------- The professional way to launch a product is to prepare a marketing mix strategy in line with the product or service we want to offer to customers. By default, the decisions we make regarding marketing mix will be as good as our understanding of the target market. If we’ve done quality research, the likelihood of coming up with a good marketing mix combination increases. Four major variables shape a company’s marketing mix. These variables are known as the Four Ps of Marketing. Focusing on: • Product • Price • Place • And Promotion This has proven to be an effective way to understand the decisions a company makes when it enters a market and competes in it. If a company understands the needs of its customers, it can create products that satisfy the clients’ expectations and contain the features they desire; it will offer these products at a price that corresponds to the target market’s willingness to spend, and it will offer them where the target market loves to shop. It will also build its brand communication in a language that speaks to the target market. Marketing Mix and the Four Ps is intuitive. Marketing managers should concentrate on these variables and tailor them regarding the target market they’ve chosen to pursue.
Views: 58308 365 Careers
Pricing Strategies in Marketing
 
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Explain in detail the following pricing strategies. - Cost Plus pricing - Penetration Pricing - Skimming or Creaming - Variable Price method - Cost Plus Pricing: Cost plus pricing is the most common and simple pricing strategy. As per this strategy the price is determined by calculating the sum of the cost of production and appropriate profit. However, this strategy does not stress on the optimum utilization of all available resources. This strategy completely depends on the manufacturing estimates. Costs associated with manufacturing are calculated to - Justify the planned capital expenditure - Calculate the cost of production for a new or re-designed product - Optimize the use of high cost areas. - The estimation is done by computing the factors like volume of resources, the cost associated with these resources and the duration for which these resources will be used. When it is required to justify the capital-expenditure, the depreciation and cash-flow analysis is done using accounting methods. Advantages: The information required to calculate the price i.e., amount of expenditure and the desired profit is readily available. It is simplest strategy as the price is computed just by adding all the cost incurred and the desired profit. As the information used is with the company itself, it can immediately take corrective measures by analysing the facts if it sees an increase in expenses. Disadvantages: The base for estimating the pricing is to consider the demand in the coming days. This method does not take this factor into account. This is a biggest drawback. As this method does not consider the competitors strategies to determine the pricing, companies depending completely on this method might fail. As this method considers the sunk cost and does not take opportunity cost into account there is a possibility of overestimating the price. In addition to this, the personal bias need to be added to the product. - Penetration Pricing: This strategy requires the price to be set to a value lower than the market price. This is usually done to acquire new customers. The whole idea is that the customers will switch to the new brand due to the lower prices. This is a short-term strategy and is usually used to increase the market share or sales volume rather than to incur huge profits. Once the required market share is achieved the prices are increased to regular values. Advantages: The market share and sales volumes are increased in a short term and before the competitors notice and react. Increases the goodwill among the customers who switch to this product. They intern refer the product to other customers and thereby contributing to the increased sales volumes. It increases the efficiency by introducing the cost control and cost reduction pressures right from start. Due to the lower price competitors hesitate entering into this area. Stock turnover is increased throughout the distribution channel. This method generates very critical and important enthusiasm and support in the channel. Disadvantages: The customers expect that the price will stay lower for the coming days and the company might be branded for its lower price. As a result, it becomes difficult to increase the prices in future. It is also possible that some of the customers will only stay with the product as long as the prices are low and they immediately switch to other brands as soon as the price is increased. It is not yet clearly determined whether it will be effective if the prices are increased suddenly or if they are increased over a period of time. Due to very small profit margin, the companies can not stick to this strategy for a longer term as it might result in losses for the company. Note: To overcome these disadvantages companies adopt a slightly modified version of this strategy where in they do not reduce the price initially. In this case they provide good discounts to the customers initially. This works as the customers do not have expectation that the price will be lower for a longer term. Additional content on this topic can be found at http://www.eduxir.com/curriculum/cbse/class-xii/entrepreneurship/enterprise-marketing/
Views: 3441 Eduxir
Pricing Objectives and Strategies
 
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Help us learn more about your experience by completing this short survey: https://www.surveymonkey.com/r/RRKS8LZ Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 Every business maintains a specific pricing objective or goal that dictates the decisions that they make with regards to price-setting. Within each pricing objective, businesses have several strategies designed to assist them in achieving their objectives. In this video, we'll discuss four of the common pricing objectives as well as highlight several strategies within those objectives.
Unit 5 - Marketing Mix - Product & Price
 
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This video tutorial looks at the marketing mix in particular in product & price.
Views: 2885 ExamRevision
A level Business Revision - Pricing Strategies
 
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In this A level Business Studies revision video, we teach you the most common PRICING STRATEGIES used by organisations and assess the merits of each one. Pricing strategies is a topic on all of the major exam boards A level business specifications. A level Business Studies Revision from TakingTheBiz.
Views: 29508 TakingTheBiz
Marketing: Pricing
 
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Marketing: Overview of price and pricing.
Views: 42132 Brian K. McCarthy
Marketing Mix - Prince/Pricing Strategy, Marketing Management Part - 6, Business Studies Class 12
 
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We will study Price Mix of Marketing Mix. Factors determining price:- Pricing Objective Product Cost Competition in the market Utility and Demand Government and legal regulations Marketing method used
Views: 19159 Prince Academy
The Price Skimming Strategy
 
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Help us learn more about your experience by completing this short survey: https://www.surveymonkey.com/r/RRKS8LZ Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 Price Skimming is a common pricing strategy used for new products. Employing price skimming involves setting a high initial price, which helps a business recover the costs associated with developing and marketing the product. Although price skimming can be used in a variety of industries, it's commonly seen in consumer electronics, including: smartphones, video game consoles, and tablet computers. Learn more about price skimming, and the conditions that need to exist for this pricing strategy to be effective, in this video.
Marketing Management Lectures - Adapting the price
 
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Marketing Management Lectures - Adapting the price This video will explain: Adapting the price changes promotional pricing Discriminatory pricing Product mix pricing Marketing Management Lectures - Adapting the price https://youtu.be/OqMKvcZKNc0
Views: 868 Bharath Naik L
PRICING STRATEGIES   MARKETING MGMT
 
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PRICING STRATEGIES MARKETING MGMT BRIEF OVER VIEW OF PRICING STRATEGIES FOR THE SUBJECT MARKETING. REVISINOARY LECTURE
Views: 7293 Shashi Aggarwal
Elements of Marketing Mix 2 Pricing Class XII Business Studies by Ruby Singh
 
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For the first time in INDIA, textbook in Economics, Accountancy & Business Studies with FREE Video Lectures by Eminent Authors/Subject Expert. To buy books visit www.goyal-books.com To view FREE Video Lectures visit www.goyalsOnline.com/commerce About the Book » Written strictly according to the latest syllabus prescribed by the CB.S.E., New Delhi. » Up-to-date study material provided by using the latest available data. » Elaborate explanation of the concepts. » Summary (Points to Remember) given at the end of each Chapter. » Numerical Problems from previous years' question papers incorporated and solved in the respective Chapters. » Methodology of solving typical numerical problems given wherever necessary. » Methodology of drawing typical diagrams given wherever necessary. » Comprehensive Exercises given at the end of each Chapter. » Sample Question Paper given at the end of the book. » Multi-disciplinay Problems given at the end of the books. » Video lectures on each topic with replies to queries for better and clear understanding of the concepts by the Author/Subject Matter Expert. Benefits of Video Lectures » Easy to access anytime: With video lectures, students can learn anywhere from their mobile devices: desktops, laptops, tablets or smartphones. » Students learn when they are primed to learn. » Students can pause, rewind and replay the lecture. » Eases the distraction of having to transcribe the lectures. » Self-paced learning: Students can follow along with the lecture at their own pace, going more slowly or quickly » Bookmarking: Students can bookmark the point where they're up to in the video so they can easily return and continue watching the lecture at a later point. » Searchability: Students can easily search through the lecture to find the required sub-topic they need, without having to rewind and fast forward throughout the video. » Greater accuracy: Students will understand the lecture better and can make sure that they have not misheard anything. » Facilitates thinking and problem solving: It improves research skills, collaborative working, problem solving, technology and organisational skills.
What is a Consumer Pricing Strategy
 
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https://www.udemy.com/pricing-strategy-for-consumer-products/?couponCode=YOUTUBECHANNEL010220 Defines what is a pricing strategy. Explains the dangers of running a consumer business without one and where pricing sits within the overall strategic process
Views: 2178 FMCG Academy
Price / Pricing in Marketing by Dr Vijay Prakash Anand
 
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In this video, I have talked about an important concept in marketing i.e. Price or Pricing. Please like, comment and subscribe to the channel.
Views: 1662 Marketing by Vijay
Pricing Strategies in Marketing | Urdu / Hindi | Marketing Strategies
 
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Being a marketers you must know different marketing strategies to capture attention of consumer. In this video i am going to teach you different pricing strategies. Kindly Subscribe my channel. Learn with sir kawish. Thank you. #pricingstrategies #marketing #lecture
Views: 20817 Learn with Sir kawish
Pricing Strategies - How to Price Your Product or Services For Maximum Profit
 
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Pricing Strategies - How to Price Your Product or Services For Maximum Profit // There's one simple thing that you can do to make more money. Can you guess what it is? Today I'm going to teach you how to price your product, or service for maximum profit. RESOURCES & LINKS: ____________________________________________ CrazyEgg: https://www.crazyegg.com/ How To Undercut Your Competitors Price (And Still Make Money) [video]: https://youtu.be/TLTL8mzkVLE You Are Pricing Your Product WRONG! How to Determine Optimal Price for Profit [video]: https://youtu.be/Tgnt7VUcvqw ____________________________________________ The first tip I have for you is looking at your costs. If you know your costs are X for your product or service, you got to charge more than that. You don't want to be losing money per sale. Everyone's like, oh my god I'm going to beat my competitors. I'm going to take the Jeff Bezos route and not worry about margins. Well, the reality is, unless you have a big pool of money to blow, you can't do that. You need to make sure it's profitable, including shipping, services, returns, other things like customer service, you need to take everything into account into your price, not just how much it costs for your product or service, but also all the other things like your office space. Once you include all of those things to run your business you'll figure out what you need to sell your product or service for, so you can make a profit. You're not in business just for charity. You need to make a profit and there's nothing wrong with that. The second thing you need to do is understand your target customers. What are your target customers looking for? How do they perceive value when they look at the price? A good example of this is a company called Diamond Foundry. They have figured out how to make diamonds above land. They match all the characteristics of a diamond that you find in the earth and there's really no difference from it. But they found they can do it much cheaper, by making it above land and created these machines to create the exact same composition as it does in the earth, to make a diamond. And when they had really cheap, affordable prices, they found that their sales weren't doing well. Can you guess why? It's because, everyone's like, oh this isn't the same thing, it's too cheap. So the moment they increased their prices, people like, oh wow, the quality of this must be amazing. Sure we'll buy it. There's no difference in the product, but people had the perceived value in their space, that higher price means better diamond. You need to look at your space. It could be that a cheaper price means more sales. Or it could be, cheaper price means fewer sales, because the perceived value isn't there. The third pricing strategy I have for you is anchoring. There's a lot of companies that'll show the initial price of let's say $37 and you may get X, Y and Z, but for $47 you'll get X, Y and Z and also 1, 2 and 3 and also A, B and C, just for $10 more. By using anchoring you'll find that very few people will choose a lower option, which you don't want them to choose, but the majority of the people use the higher option because you're getting so much more value for just a little bit more money. And that'll increase your profitability, especially if those other things that you're adding in don't cost you much at all. The fourth thing I want you to do is A/B test. Using tools like Crazyegg, you can A/B test your pricing, not only to maximize your sales, but also to maximize your profitability. Sometimes getting fewer sales means more profit. Sometimes getting more sales means more profit. Using Crazyegg you can A/B test to figure out what's the right price that you should end up rolling out to generate the maximum amount of revenue and profit. ► If you need help growing your business check out my ad agency Neil Patel Digital @ https://neilpateldigital.com/ ►Subscribe: https://goo.gl/ScRTwc to learn more secret SEO tips. ►Find me on Facebook: https://www.facebook.com/neilkpatel/ #Sales #NeilPatel #DigitalMarketing
Views: 11403 Neil Patel
Marketing Mix: Product Strategy
 
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Product in the marketing mix or Product Marketing? Learn the difference and more in this video to build your marketing skills. * Differentiate between product and product marketing * Redefine product for the modern economy * Explain the components of product decisions * Make a case for leading with benefits * Identify the reasons products fail * Summarize support of quality product intros Watch the other videos in the playlist: https://www.youtube.com/playlist?list=PL6F365386C75BB026
Views: 22853 Soma Datta
The Marketing Mix - Product distribution
 
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On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Marketing strategy discusses the distribution of a product. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Marketing module table of contents: Marketing: An Introduction Introduction to Marketing What is Marketing's role? Who works in Marketing? Marketing's key processes Marketing: Building a Marketing Strategy What is a marketing plan? The psychology of customers - needs, wants, and demands Conducting marketing research The different stages of marketing research Collecting Primary Data for Marketing Research Performing client segmentation Choosing a target customer group Marketing: How to set up an effective Marketing Mix The four Ps of Marketing and their importance Marketing: How to set up an effective Marketing Mix - Product decisions The product concept Classifying a firm's products The typical product lifecycle Product branding Product packaging Marketing: How to set up an effective Marketing Mix - Pricing decisions The variables influencing product pricing The demand curve Performing break-even calculations Marketing: How to set up an effective Marketing Mix - Place decisions Setting up product distribution Types of distribution channels The advent of e-commerce Marketing: How to set up an effective Marketing Mix - Promotion decisions The essence of marketing promotion Creating a marketing campaign The importance of social media Marketing: How to set up an effective Marketing Mix - A dynamic concept The four Ps of Marketing - A dynamic concept Marketing: Marketing strategy in the long run Allocating the funds available for Marketing - The budgeting exercise Using KPIs to improve decision-making Short-term vs. Long-term marketing goals Interpreting and calculating the Customer-Lifetime-Value formula -------------------------------- Product distribution is probably the most difficult step to set up among the 4 Ps. Well, it takes a lot of time and significant energy to build and optimize a distribution channel. And we have to consider several factors that will influence our decision. The best distribution channel is the one that: Delivers a product that customers want. Delivers a product where customers want it. And allows customers to have the product at the right time. A product must be positioned where its target customers are likely to find it. A great-looking store, with prepared sales personnel, and optimal product placing can have a huge impact on sales. Great distribution channels deliver products at the right time. Nobody likes it when an item is out of stock or when there is a long waiting period for its delivery. Companies want to be efficient with the inventory they keep as it represents a cost. An optimized logistics flow can be beneficial for both customers and producers.
Views: 17035 365 Careers
The Penetration Pricing Strategy
 
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Help us learn more about your experience by completing this short survey: https://www.surveymonkey.com/r/RRKS8LZ Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 Penetration pricing is a common pricing strategy used by businesses. To employ effective penetration pricing, businesses start by offering a product at a low price point. By doing so, the business is hoping to attract new customers and increase its share of the market. Once the business has increased its market share, it will slowly begin to increase prices to a point where they can offer the product in a profitable manner. To learn more about penetration pricing, as well as the conditions that need to exist for the strategy to be effective, watch the following video.
Pricing - Stanford Strategic Marketing of High Tech and Clean Tech
 
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Stanford CSP BUS47 - "Strategic Marketing of High Tech and Clean Tech" Spring 2012 Instructor: Tony Seba Pricing Strategy Tony Seba, author of 'Winners Take All - 9 Fundamental Rules of High Tech Strategy" teaches pricing strategy. What is a product worth? What is value? What are the sources of value? What is Economic Value to the Customer (EVC)? How does pricing change throughout the technology adoption lifecycle? More information: http://www.tonyseba.com
Views: 13732 Tony Seba
Pricing Strategies (Principles of Marketing) | Lecture 9
 
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Pricing Strategies (Principles of Marketing) | Lecture 9. Subscribe this channel to get more knowledge,Lectures,Presentations etc. Youtube: http://www.youtube.com/c/GetKnowledge?sub_confirmation=1 Facebook: https://www.facebook.com/g8knowledge Twitter: https://www.twitter.com/g8knowledge Instragram: https://www.instagram.com/knowledgeget Course Description: This course focuses on the needs of those who are preparing themselves for an exciting, rewarding, and enriching career in the field of marketing. The main aim is to provide students with issues and situations they can identify with while preparing themselves in gaining knowledge and insights in marketing. Much of the course work will be devoted to discussing these concepts with reference to practical examples and cases. A good balance between theory and practice will be maintained in presenting various concepts. Learning Outcomes: After the completion of this course students will be able to: 1. Understand and discuss the fundamental concepts of Marketing 2. Have a sound idea of the factors involved in marketing planning 3. Identify the roles carried out be different market players 4. Posses a theoretical awareness of basic marketing theories and models for decision making. Pricing Strategies: Topic Outcome: New-Product Pricing Strategies Product Mix Pricing Strategies Price Adjustment Strategies Price Changes
Views: 4087 Get Knowledge
Pricing Strategies (Additional Consideration) chapter 11 Principals of marketing
 
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Pricing strategies for marketers is not so easy nowadays. Different techniques are being applied for different goods and services. 1. Initial pricing strategies for a new product is of two kinds, price skimming and price penetrating. Product mix pricing strategies are different where pricing must be according to the product, includes, Product line pricing, optional product pricing, captive product pricing, By product pricing, product bundle pricing. Price adjustment strategies are also carefully chosen due to which the whole business can be perish. Pricing Basics part 1 https://www.youtube.com/watch?v=uEgiS_RlJWo&t=50s
Views: 104 World Knowledge
The Marketing Mix - Marketing Promotion
 
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On Udemy: https://www.udemy.com/user/365careers/ On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Marketing strategy introduces the notion of promoting a product. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Marketing module table of contents: Marketing: An Introduction Introduction to Marketing What is Marketing's role? Who works in Marketing? Marketing's key processes Marketing: Building a Marketing Strategy What is a marketing plan? The psychology of customers - needs, wants, and demands Conducting marketing research The different stages of marketing research Collecting Primary Data for Marketing Research Performing client segmentation Choosing a target customer group Marketing: How to set up an effective Marketing Mix The four Ps of Marketing and their importance Marketing: How to set up an effective Marketing Mix - Product decisions The product concept Classifying a firm's products The typical product lifecycle Product branding Product packaging Marketing: How to set up an effective Marketing Mix - Pricing decisions The variables influencing product pricing The demand curve Performing break-even calculations Marketing: How to set up an effective Marketing Mix - Place decisions Setting up product distribution Types of distribution channels The advent of e-commerce Marketing: How to set up an effective Marketing Mix - Promotion decisions The essence of marketing promotion Creating a marketing campaign The importance of social media Marketing: How to set up an effective Marketing Mix - A dynamic concept The four Ps of Marketing - A dynamic concept Marketing: Marketing strategy in the long run Allocating the funds available for Marketing - The budgeting exercise Using KPIs to improve decision-making Short-term vs. Long-term marketing goals Interpreting and calculating the Customer-Lifetime-Value formula -------------------------------- Promotion is essentially the art of communicating a product’s benefits to customers and convincing them to acquire the product once, or ideally, a repeated number of times. There are three degrees of brand loyalty: Awareness Preference And Insistence Marketing communication revolves around the three. Customers must know a product exists. Once they do, we need to convince them it is better than competitor products so they can develop a preference. In the best-case scenario, customers who prefer the product will understand its features well, which will develop informational awareness, and that will make them able to explain its benefits to other customers. Continued purchasing of a product, brand insistence, is the goal of promotional communication. It occurs when customers link a product with their own lifestyle. The feeling of personal connection turns repeated customers into raving fans.
Views: 14227 365 Careers
Enterprise Marketing - 3. Price Mix
 
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Price Mix Pricing Methods/Strategies
pricing products pricing strategies
 
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Subscribe today and give the gift of knowledge to yourself or a friend pricing products pricing strategies Pricing Products: Pricing Strategies. Chapter 11. Learning Goals. Describe the major strategies for pricing imitative and new products Understand how companies find a set of prices that maximize the profits from the total product mix Slideshow 3031508 by prince show1 : Pricing products pricing strategies show2 : Learning goals show3 : Definitions show4 : Product mix pricing strategies show5 : Product mix pricing strategies1 show6 : Product mix pricing strategies2 show7 : Product mix pricing strategies3 show8 : Price adjustment strategies show9 : Price adjustment strategies1 show10 : Price adjustment strategies2 show11 : Price adjustment strategies3 show12 : Price adjustment strategies4 show13 : Price adjustment strategies5 show14 : Price adjustment strategies6 show15 : Price adjustment strategies7 show16 : Initiating and responding to price changes show17 : Price changes show18 : Price changes1 show19 : Price changes2 show20 : Price changes3 show21 : Price changes4 show22 : Public policy and pricing show23 : Pricing products pricing strategies
Views: 111 slideshowing
Pricing Strategy Part 1 || Hindi || Marketing || #4minutemarketing
 
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10 different types of pricing 1) Premium pricing It is a type of pricing which involves establishing a price higher than your competitors to achieve a premium positioning. You can use this kind of pricing when your product or service presents some unique features or core advantages, or when the company has a unique competitive advantage compared to its rivals. For example, Audi and Mercedes are premium brands of cars because they are far above the rest in their product design as well as in their marketing communications. 2) Penetration pricing It is a commonly used pricing method amongst the various types of pricing is designed to capture market share by entering the market with a low price as compared to the competition. The penetration pricing strategy is used in order to attract more customers and to make the customer switch from current brands existing in the market. The main target group is price sensitive customers. Once a market share is captured, the prices are increased by the company. 3) Economy pricing This type of pricing takes a very low cost approach. Just the bare minimum to keep prices low and attract a specific segment of the market that is highly price sensitive. Examples of companies focusing on this type of pricing include Walmart. 4) Skimming price Skimming is a type of pricing used by companies that have a significant competitive advantage and which can gain maximum revenue advantage before other competitors begin offering similar products or substitutes. It can be the case for innovative electronics entering the marketing before the products are copied by close competitors or Chinese manufacturers. 5) Psychological pricing It is a type of pricing which can be translated into a small incentive that can make a huge impact psychologically on customers. Customers are more willing to buy the necessary products at $4,99 than products costing $5. The difference in price is actually completely irrelevant. However, it makes a great difference in the mind of the customers. This strategy can frequently be seen in the supermarkets and small shops. 6) Neutral strategy This type of pricing focuses on keeping the price at the same level for all four periods of the product lifecycl. However, with this type of strategy, there is no opportunity to make higher profits and at the same time, it doesn’t allow for increasing the market share. Also, when the product declines in turnover, keeping the same price effects the margins thereby causing an early demise. This pricing is used very rarely. 7) Captive product pricing It is a type of pricing which focuses on captive products accompanying the core products. For example, the ink for a printer is a captive product where the core product is the printer. When employing this strategy companies usually put a higher price on the captive products resulting in increased revenue margins, than on the core product. 8) Optional product pricing It can be frequently observed in the case of airline companies. For example, the basic product of KLM Airlines is offering or providing seats in the airplane for different flights. However, once the customers start purchasing these seats, they are offered optional features along with the seats. Examples may be extra seat space, more drinks etc. Because of this optional product, there is more revenue generated from the main product. Customers are willing to spend for the optional product as well. 9) Bundling price Ever hear of the offer of 1 + 1 free? In the supermarket, when two different products are combined together such as a razor and the lotion for shaving, and they are offered as a deal, then we get to experience the bundling type of pricing first hand. This strategy is mainly used to get rid of excess stocks. 10) Promotional pricing strategy It is just like Bundling price. But here, the products are bundled so as to make the customer use the bundled product for the first time. This type of pricing focuses on buying one, and getting a new type of product for free. Promotional pricing can also serve as a way to move old stock as well as to increase brand awareness. 11) Geographical pricing It involves variations of prices depending on the location where the product and service is being sold and is mostly influenced by the changes in the currencies as well as inflation. An example of geographic pricing can also be the sales of heavy machinery, which are sold after considering the transportation cost of different locations. Click here to read more on geographical pricing strategy. Facebook Page : https://www.facebook.com/4MINUTEMARKETING/ Instagram Page : https://www.instagram.com/4minutemarketing/ If you find this content helpful, do SHARE it with others. This page is for educational purpose, where I share different contents of Marketing. My goal is to help and educate students with simplest way possible. #4minutemarketing
Views: 2644 4 Minute Marketing
The Product Life Cycle
 
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Help us learn more about your experience by completing this short survey: https://www.surveymonkey.com/r/RRKS8LZ Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 The product life cycle represents a series of stages that products--similar to people--go through over the course of their lives. Marketers use their knowledge of the product life cycle to alter their marketing strategies related to specific products. In this video,​ I'll explain the product life cycle and provide examples of products that fit into each of the stages.
Views: 192078 Alanis Business Academy