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TimJ.SmithPricingStrategy:SettingPriceLevels,ManagingPriceDiscounts,&EstablishingPriceStructuresPowerPointbyTimJ.Smith,PhDManagingPrincipal,WiglafPricingAdjunctProfessorofMarketing&Economics,DePaulUniversity?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter16ProductLifecyclePricingProductCategoryLifecyclesandTheirInfluenceonCustomerDecisions,Competition,andPricingDecisions?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.AgendaHowdounitsalesandprofitsevolveovertheproductlifecycle?Howdoescustomerbehaviorevolveoverthecourseoftheproductlifecycle?Canpricesincreaseoverthecourseoftheproductlifecycle?Howmusttheemphasisofpricingpolicychangeoverthecourseoftheproductlifecycle?StretchQuestion:Howdoestheproductlifecycleinformpricingstrategy??2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.ClassicPLCPricing?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.ProductDevelopmentIntroductionGrowthMaturityDeclineTimeRevenueProfitsRevenueandProfits($/€)PriceSalesandProfitsoveraProductCategoryLifecycleIntroductionIntroductionsuccessiscontingentuponeducating

themarketofthebenefitsofconsumptionPricingandmarketingchoicesshouldreflectaconsiderationofthemostcosteffectiveandprofitablemeansofeducatingthemarketofthebenefits.Pricecompetitionisusuallylow.Pricinglatitudeishigh.?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.RevenueProfitsNewtotheWorldProducts

TechnologyAdoptionLifeCycle?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.TinkerersVisionariesPragmatistConservativesLaggardsTinkerers/EnthusiastsPurchasingMotivationToexploreasolutionforitspotentialandseehowitworksBuyerCharacteristicsPeopleorbusinesseswhoappreciatethetechnologyForitsownsakeToexploreitscapabilitiesandusefulnessTheyAppreciatethearchitectureandwhyithasacompetitiveadvantageoverestablishedproductsWillingtotinkerwiththeproducttomakeitworkAreFactualdrivenWanttoworkwiththetechnicaldepartmenttoaddresstechnicalproblemNotkeydecisionmakers,andhavelimitedinfluenceoverkeydecisionsMarketFactorsNotalargesegment.CanserveasabeachheadortestbenchPricingIssuesWanteverythingcheap.Highlybudgetconstrained.Donotfollow“valueadded”argumentsWanttechnology“atcost”PricingstrategiesSinceinitialpricefortinkererswillsetexpectationsforfuturemarketsegments,itisarguedagainstpracticingpenetrationpricingSincetheirtrialwilldevelopabetterunderstandingofthefullvalueoftheproduct,gettingitintheirhandsmaybeimportantPotentialsolution:Pricehighandselectivelyoffershort-termfreetrialsof“l(fā)oaner”orbetaproducts?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.PricingandNewProductCategoriesProductImprovementsLimitedpricinglatitudePriceiscomparedtoexistingproductsandthemarginalincreaseinvalueoftheproductimprovementReferencePriceisreadilyavailableforvaluecomparisonsTradeoffsbetweenCrossproductcannibalization vs.Maximizingindividualproductlineprofitability.NewtotheWorldLargepricinglatitudePriceboundarychallengeCustomersdonothaveasetReferencePricetowhichtocomparethepriceofthenewproductagainst.TradeoffbetweenGeneratingtrialandpenetratingthemarket vs.Capturingprofitsfromearlycustomerswithahigherwillingnesstopaypriortoreducingprice.?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.NewtotheWorldProductswhichhavenotexistedinthepastinanyformandaddressanewcollectionofbuyinggoalsandusefulness.Usually,NewtotheWorldproductsare“gamechangers”Lessthan2%ofnewproductsareNewtotheWorldExamples:Railroadsin1800sTractorsin1920’sRefrigeratorsin1920’sOxygenSteelFurnacesin1950’sUltrasoundin1960’sCableTVin1980’sMobile’sin1990’sAMRin1990’sHybridCarsin2000’s?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DemandforNewtotheWorldProductsNoproductentersavacuumInsomemanner,peopleandbusinessessolvetheirproblemstoaccomplishgoals.NewtotheworldproductsaddressaLatentDemandLatentDemandDemandforasolutiontoaproblemthathasalwaysbeenthere,butneverhadameanstoexpressitselfbecauseeithertheproductdidnotexistorwasunabletobeproducedatapriceacceptablebythemarket.Examples:RenewableenergysufficienttomeetourcurrentenergydemandtodayiPodpriortolaunchforportabledigitalmusicUtilikilts?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.IntroductionPricingandMarketingApproachesSamplingProvidingfreesamplesoftheproducttogeneratetrialSamplingisprescribedifTheproductwillbefrequentlypurchasedHasalowincrementalproductioncostBenefitsareobvious(self-evident/self-explanatory)afteroneuseTechnologyDrivenExampleP&GwaterpurificationprocessesafterthetsunamiDirectSalesDirectSalesisprescribedifLargedollarexpenditureperpurchaseLargechangesinbehaviorarerequiredPeoplearerequiredtoexplainhowtheproductisused,andhowitdeliversbenefitsExample:SAPDistributionChannelsWhenaproductdoesnotmeetcriteriaforsamplingnordirectsales,alternativeapproachesmustbeconsideredMustconvincedistributorswhocarrytheproducttopromoteitvigorouslySuggestedApproachesHighMarginsandLimitedDistributionUsehighmarginstorewardeducationfunctionofdistributorsLimitinitialdistributorcompetitiontoreducemarginerosionandplanfordistributorexpansioninthefutureConsiderMarketDevelopmentFundsShelvingfee/stockingfeeIn-storedisplaysCooperativeAdvertisingExample:iPhone?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.GrowthPricestrategydependsuponproductstrategyDifferentiatedValueCostLeadershipPricinglatituderemainsintactunlessNetworkexternalitiesormarketacceptancerequirementsdrivecoalescencearoundvolumeselectedstandardProductioneconomiesarelargeandpricesensitivityishighProductioncapacitygrowthoutstripsdemandgrowth?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.RevenueProfitsVisionaries/EarlyAdoptersPurchasingMotivationToaccomplishagoalaquantumleapbetterthananyoneelseBuyerCharacteristicsPossessTheinsighttomatchanemergingsolutiontoastrategicopportunityThetemperamenttotranslatethatinsightintoahigh-visibility,high-riskprojectThecharismaandpositiontogettherestoftheorganizationbehindthemExecutiverankHighlymotivatedDrivenbya“dream”TakingaquantumleapforwardinhowthingsaredoneNotlookingforanimprovement,butastrategicbreakthroughDemandan“orderofmagnitude”returnoninvestmentWillingtotakerisksWillingtoserveasa“highlyvisiblereference”ProjectorientedPilotPhaseMilestonesGoingwherenomanhasgonebefore“Productize”eachphaseofthedeliverableMarketFactorsFirstsignificantmarketsegmentbysizeRelativelySmallSegment,butlargerthanthetinkerers.Therearefarfewervisionariesthanthereriskaversebuyers.PricingIssuesLeast

pricesensitivesegment,goalsensitiveCancapturevaluefromthissegment.?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Pragmatist/EarlyMajorityPurchasingMotivationImproveaprocessinanincremental,measurable,andmanageableriskmannerBuyerCharacteristicsCEOranks,verticallyoriented.(LikespeaksLike)Havelearnedthat“LeadingEdge”oftenmeans“BleedingEdge”ManagerisksSeekturnkeysolutionsSeekstandardizationConcernedwithallaspectsofthepurchasingrelationshipCompanytrackrecordSupportingproductsandservicesSeeksinglepointofcontacttosolveproblemsSeekmarketleaderstoensurelongevityUseCompetitiontoSelecttheclearmarketwinnerMarketFactorsSignificantlylargersegmentthanpriorsegmentsRapidvolumeincreasesRoughly1/3ofthemarketPricingIssuesHighlyValuesensitiveReasonablypricesensitive.ValuedifferentiationargumentswillworkwellwiththemUseaValueCalculatorManageyourDifferentialPricing?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Conservatives/LateMajorityPurchasingMotivationSeek“goodenough”products,andreallydonotwantchangeBuyerCharacteristicsBelieveintraditionAgainstdiscontinuousinnovationSeekwhatworksforthem,andstickwithitWantnewproductstobelikearefrigerator:Openthedoor,Lightcomeson,foodiscold.Select.ClosethedoorLikesinglefunctionproductsHavelimitedexpectationsofimprovementinthenewsolution,sohavelimitedwillingnesstopayfordifferentiationMarketFactorsRoughly1/3ofthemarketTheproductdoesnothavetobethetechnologicalleader,iutcanbe“fastfollower”insomedimensionsPricingIssuesUsecompetitiontodrivepricesdownConsidermeansofdecreasingthevaluepropositionandthecostfunctionforthissegmentUnbundlethebundleDeliverentiresolutionwithnoneededcustomizationinasingletransactionStripcostoutofdistribution,lowerdistributionchannelmargins?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.LaggardsForthemostpart,LaggardsBLOCKsales,theydonotenablethem.Theypointoutdiscrepanciesbetweenmarketingclaimsandsolutiondeliverables.?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.ChoosingaGrowthStrategyDifferentiatedValueIsthereamarketsegmentthatvaluesauniquecombinationofbenefits?Doesthefirmhavedistinctivecompetitiveadvantagestodeliverthatuniquecombinationofbenefits?Howmuchspecializationwillthemarketreward?CostLeadershipIsthemarketsufficientlypricesensitive?Doesthefirmhavetheresourcesandattitudetowardsrisktakingtocommittoacostleadershippositionuntileconomiesofscale,scope,learningaredeveloped?Aretherecostadvantagesthatsmallfirmscanexploit?Howmuchspecializationwillthemarketsacrificetogaincostadvantages??2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.ExecutingGrowthPricingDifferentiatedValueUniqueattributesorcombinationofattributesdeliverdifferentialvalueSkimPriceifmostcompetitorspursueacoststrategyNeutralPricingifdifferentiationisindustrywideandeconomiesofscale,scope,orexperiencearelimitedPenetrationPricingifdifferentiationisindustrywide,therearesignificanteconomiesofscale,scope,orexperience,andthreatofcompetitivepricewarislimitedCostLeadershipIftherearecurrentorfutureeconomiesofscale,scope,orexperience,ANDthemarketissufficientlypricesensitive,THENpenetrationpricingmaybeappropriate?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.TimeSegmentation:NewtotheWorldProductPricingPriceSkimmingisusedto“TimeSegment”themarketofitsearlypurchasersEarlypurchasersaretheleastpricesensitive,andpurchasefirstAsthissegmentissatisfied,thenextsegmentwithalowerwillingnesstopayiswaitingtopurchaseAlowerpriceallowsforthenextsegmentofthemarkettopurchaseAformof“DifferentialPricing”tocapturevaluefromthosewhovalueitthemostTimesegmentingusestimingasasegmentationhedgetoencouragecustomerwiththehighestwillingnesstopaytopurchaseearly,andthosewithalowerwillingnesstopaytopurchaselater?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.MaturityFourFactorsDecreasePriceLatitudeExperienceenablebuyerstoevaluatecompetingproductsSuccessfulproductdesignshavebeenimitatedBuyersaremorepricesensitiveastheperceivedriskislowerinparticipatinginthemarketIndustryconsolidationencouragespricefollowership?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.RevenueProfitsProductImprovementsandAlterationsProductswhichrepresentanincrementalimprovementoverorsmallalterationtoexistingproductsinthemarket.Valuecanbothberemovedfromaproductandcanbeaddedtoit.98%ofnewproductscanbesaidtofallintheProductImprovementandAlterationcategory.ExamplesHoneyNutCheeriosWindowsVistaQuakerInstantOatmealwithApples&CinnamonParmesanEncrustedChickenMV90xibyItron2008CadillacCTSGECF6JetEngineM&M’sIceCreamConeHawksSeagullsMiceinPaperback?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.ProductImprovementPricingMostProductImprovementPricingstrategiesarederivedfromthepriorsectionsClassicProductLifecyclePricingPositiononthePricevs.ValuemapIncrementalDifferentialValuetoDifferentialPricing?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.MaturityAdvantagesofMatureMarketsBetterunderstandingofcustomerdemandsPricesensitivitywillbebetterestimatedRequirementsofattributesandbenefitswillbeclarifiedBettercontrolovercostsEconomiesofscale,scope,and/orexperienceenablecostreductionNewsupplierrelationswillhavebeendevelopedBettersupportmarketAftermarketsupportServicingandfinancingmarketsdevelopedApproachestoExploreUn-bundlerelatedproductsandservicesThecustomerrequirementfor“wholesolutions”willhavebeenmeetthroughmultipledecisionsThecompetitivedefenseofbundlingwillhavebeenweakenedthroughthegrowthphaseA“BestofBreed”approachmayinducetrialandbrandswitchingExpandtheproductline“SolutionFootprint”Additionaladd-onmodules,versioningexpansion,lateralco-brandingReevaluateDistributionChannels“SqueezeDistributorMargins”Consideralternativechannels,orchannelrealignment?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DeclinePricinglatitudeisconstrictedbyoutsideforcesSupplierinputSignificantcompetitionNewsubstitutePricevolatilityishighifcontributionmarginsarehighandproductioncostsaremainlyfixedandsunk?2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.RevenueProfits3GenericStrategiesforDeclineRetrenchmentForgosomesegmentstofocusonservingachosensegment(s)ChoiceofsegmenttoclaimisdrivenbythesourceofcompetitiveadvantageHarvestingAslowwithdrawalfromtheindustryWith

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