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MKTG Pricing Strategy

question
Perceived value > price = ?
answer
Customer has incentive to purchase
question
Price > perceived value
answer
Customers have no incentive to purchase
question
External reference price
answer
What everyone else is paying for the product
question
Internal reference price
answer
What customers think they should pay for the product given past experience and the buying situation
question
Price skimming
answer
Setting a relatively high price to obtain high margins at the expense of sales quantity
question
Price penetration
answer
Setting a relatively low entry price to capture market share quickly
question
What are the 4 approaches to pricing?
answer
Cost-plus pricing, competitive pricing, value pricing, golden goose pricing
question
What is cost-plus pricing?
answer
Pricing strategy based on the cost of a product and a predetermined margin
question
What is competitive pricing?
answer
Pricing strategy that considers pricing below, at, or above competitors' prices
question
What is value pricing?
answer
Charging a price that is high enough to capture a lot of customer value, but not as high as to encourage business-crushing competition
question
What is golden goose pricing?
answer
Failed value pricing -> starts with understanding customers like value pricing but then businesses become greedy
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question
Perceived value > price = ?
answer
Customer has incentive to purchase
question
Price > perceived value
answer
Customers have no incentive to purchase
question
External reference price
answer
What everyone else is paying for the product
question
Internal reference price
answer
What customers think they should pay for the product given past experience and the buying situation
question
Price skimming
answer
Setting a relatively high price to obtain high margins at the expense of sales quantity
question
Price penetration
answer
Setting a relatively low entry price to capture market share quickly
question
What are the 4 approaches to pricing?
answer
Cost-plus pricing, competitive pricing, value pricing, golden goose pricing
question
What is cost-plus pricing?
answer
Pricing strategy based on the cost of a product and a predetermined margin
question
What is competitive pricing?
answer
Pricing strategy that considers pricing below, at, or above competitors' prices
question
What is value pricing?
answer
Charging a price that is high enough to capture a lot of customer value, but not as high as to encourage business-crushing competition
question
What is golden goose pricing?
answer
Failed value pricing -> starts with understanding customers like value pricing but then businesses become greedy
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