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BENEFITS OF DOCUMENT
DOCUMENT DESCRIPTION
Developing Pricing Strategies (Marketing Strategy)
Lecture Outline
1. How do consumers process and evaluate prices?
2. How should a company set prices initially for products or services?
3. How should a company adapt prices to meet varying circumstances and opportunities?
4. When should a company initiate a price change?
5. How should a company respond to a competitor's price challenge?
6. Common Pricing Mistakes
7. Consumer Psychology and Pricing
8. Possible Consumer Reference Prices
9. When to Use Price Cues
10. Steps in Setting Price
11. Selecting the Pricing Objective
12. Inelastic and Elastic Demand
13. Selecting a Pricing Method
14. Auction-Type Pricing
15. Price-Adaptation Strategies
16. Promotional Pricing Tactics
17. Differentiated Pricing and Price Discrimination
18. Profits Before and After a Price Increase
19. Brand Leader Responses to Competitive Price Cuts
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company's value proposition, key brand messaging, data on target customer demographics, and other high-level elements.
A thorough marketing strategy covers the four Ps of marketing: product, price, place, and promotion.
1. A marketing strategy is a business's game plan for reaching prospective consumers and turning them into customers of their products or services.
2. Marketing strategies should revolve around a company's value proposition.
3. The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.
A clear marketing strategy should revolve around the company's value proposition, which communicates to consumers what the company stands for, how it operates, and why it deserves their business.
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Source: Best Practices in Pricing Strategy PowerPoint Slides: Developing Pricing Strategies (Marketing Strategy) PowerPoint (PPT) Presentation, UJ Consulting
ABOUT THE AUTHOR: UJ CONSULTING
UJ Consulting
Untung Juanto ST., MM. Founder of UJ Consulting. He is professionally experienced business and management consultant in several local and multinational companies.
[read more]
He has an experience in managing an effective and efficient company with various approach methods adapted to different industries because He had a career from the lower management level as Supervisor before finally being at the top management level. His Top Management experience started from the position of General Manager, VP Operation, HR Director and Business Development Director
He completed his undergraduate education majoring in Architecture at Diponegoro University, Semarang, Central Java, Indonesia. After that, He continued to Master of Management level majoring in Human Resource Management with cum laude predicate with a GPA of 3.94 at Mercubuana University, Jakarta, Indonesia.
His last work experience as Deputy President Director at Hutahaean Group in charge of 14 business units engaged in various industries including CPO Production, Oil Palm Plantation, Cassava Plantation, Tapioca flour production, 4 and 5 star hotels, waterparks, golf courses and housing with a total of employees more than 3,000 employees.
His biggest achievement was in 2021 when He served as Deputy President Director at Hutahaean Group Indonesia by increasing the company's revenue from IDR 700 billion to IDR 1.1 trillion (y/y) and increasing the profit margin by more than 20%. Doing a turn around on business units that have lost in the last 5 years become profits. In addition, He have also succeeded in creating an efficient and effective management system by redesigning the Business Process Management (BPM), reviewing Standard Operating Procedures (SOP) and Work Instructions and compiling the appropriate Key Performance Indicator Management (KPIM) to increase employee productivity.
He is currently active as a part-time business and management consultant (online) at Enquire Corp. and Flevy Corp. In addition, He also teach part-time at several universities for courses in strategic management, human resource management, project management, entrepreneurship and business.
UJ Consulting has published 171 additional documents on Flevy.
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