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eBook details

• Title: Pricing of Products & Services
• Author : Tridib Mazumdar
• Release Date : January 15, 2020
• Genre: Asia,Books,History,Politics & Current Events,Public Administration,Business & Personal Finance,Economics,
• Pages : * pages
• Size : 10623 KB

Description

The price of a product or a service is a critical element of the marketing mix. Price influences product demand, and the firm's revenue and profits. Prices also signal product quality and value, customer self-image, and the seller's pricing practices. With appropriate balance of theory, applications, and analytics, this book provides business students and practitioners the tools to make profitable pricing decisions under a variety of real-life contexts — current and emerging.Theoretical foundations for pricing decisions come from microeconomics, psychology, and behavioral decision theories. Well-established economic principles, with available data and analytics, help firms customize prices based on customers' willingness to pay, quantity purchased, timing and urgency of purchase, and by bundling their products and services. Pricing and promotional strategies of firms are further informed by the consideration of consumer psychology as well as the decision rules that consumers employ in framing of and responding to prices.As a practical step-by-step guide for firms, the book presents a comprehensive framework for pricing decisions. The framework illustrates how firms' pricing decisions are shaped by customer valuation of the product or service, firm cost, and competition within the category. Additional considerations include: channel arrangements, legal and regulatory limits, public sentiments, and the overriding strategy for the firm. Short cases and numerical examples help illustrate how these factors can be incorporated in firm making decisions.In addition to offering the theoretical foundation and practical guidelines for pricing, there are several distinctive features of the book.Pedagogically, the book takes a quantitative approach to pricing decisions and places a special emphasis on the utilization of data and analytics. Nevertheless, sound intuition and judgments remain a prerequisite.Contents: About the Author Acknowledgments Introduction to Pricing Theoretical and Analytical Foundations of Pricing: Price, Revenue, and Profits: The Basics Effects of Price on Demand Developing a Demand Function with Surveys and Experiments Modeling Price Effects Using Point of Sales Data Psychological Foundation of Pricing Considerations in Pricing Decisions by Firms: The Pricing Environment Value-Based Strategies Cost Considerations in Pricing Pricing When Cost Varies Across Customers Competitive Considerations in Pricing Pricing Strategy Applications: Price Discrimination Strategy Product Bundling Strategies Establishing a Pricing Structure Dynamic Pricing Strategies Price Promotions Pricing Strategies in Physical Retail Retail Pricing on the Internet Concluding Comments: Creating a Pricing Organization Index Readership: Students and faculty interested in the pricing function, general management and corporate strategy.Pricing Strategies;Value-based Pricing;Cost-based Pricing;Price Customization;Demand Function;Price Framing;Price Promotions;Price Structure;Multi-part Pricing;Pricing on the Internet0Key Features: Balanced Content. The text offers a proper balance of theory, application and analytics. Each chapter begins with a brief discussion of the relevant concepts and then moves on to real-life applications. With the conceptual insights, students will to see why firms employ certain pricing strategies as well as the limits of such strategies Self-Learning. "Learning by doing" is the primary philosophy guiding this book. Students will find the text as a toolkit for making pricing decisions by working on real-life pricing problems and by using data and facts provided in the text and cases. Each chapter provides numerical examples related to the pricing decision that students can use as a template to address the end-of-chapter problems. This creates a unique self-learning environment for students Faculty-friendly Format. Because the book is developed from a well-tested course reader, it is essentially a compilation of short modules...

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