Developing Pricing Strategies (Marketing Strategy) – PowerPoint PPT Template

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.

This PPT delves into various pricing methods, including auction-type pricing and price-adaptation strategies. It also covers the impact of price changes on profits and how brand leaders respond to competitive price cuts.