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Pricing Policy And Strategies For Marketing And Sales

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Published 5/2024
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Language: English | Size: 1.82 GB | Duration: 4h 45m
Complete guide applicable to Pricing policy and strategies for Marketing and Sales with Case Studies and Examples

What you'll learn
You will learn the key factors of Pricing policy and strategies. Introduction to Pricing its Meaning and role of pricing.
Learn Objectives of Pricing that includes Revenue Generation, Market Ruler, Survival, Profit Maximization and Attraction and Retention of Customers.
You will be able to learn about Factors Effecting Price under that Customer's Perception of Value, Competitors, Government Law and Regulations, Economy
Learn Product Costs, Market Demand, Branding and Positioning and Distribution Channels all are included. Selecting Pricing Policy
Learn about Pricing Policy and its different ways Assess business needs, Evaluate product, Research competition and Set price.
We will also get to know about Pricing Strategy and its different types Penetration Pricing, Skimming Pricing, Competition Pricing, Economy Pricing
Learn Bundle Pricing, Psychological Pricing, Premium Pricing, One price policy, Discounting Pricing, Discriminatory Pricing, Promotional Pricing and Product
Learn about Customer' s Willingness to pay and its Factors that influence customer willingness to pay.
Learn The factors include such as Product quality, Customer preferences, Reference prices, Context and situation, Brand image and Customer relationship
Requirements
You should have an interest in Pricing policy and strategies.
An interest in Objectives of Pricing, and Factors Effecting Price.
Be interested in getting the knowledge of pricing policy and pricing strategy.
Have an interest in understanding the Customer's willingness to pay and its factors.
Description
DescriptionTake the next step in your career! Whether you're an up-and-coming professional, an experienced executive, aspiring manager, budding Professional. This course is an opportunity to sharpen your pricing management and customer retention capabilities, increase your efficiency for professional growth and make a positive and lasting impact in the business or organization.With this course as your guide, you learn how to:All the basic pricing functions and skills required in marketing.Flexible pricing policy and regulatory structures knowledge, impact of government laws and regulations, customer environment.Invest in yourself today and reap the benefits for years to comeThe Frameworks of the CourseEngaging video lectures, case studies, assessment, downloadable resources and interactive exercises. This course is created to Learn about Pricing policy and strategies in Business Environment, its importance through various chapters/units. How to maintain the proper pricing structures and understand the different types of the pricing policies. Also to learn about the pricing strategies and customer's willingness to pay.Factors Effecting Price will help you to understand and how it should get maintained and managed accordingly to the market environment. Pricing policies will help you to understand about the different policies that a company takes in order to pricing a product. This video will also help to understand the details related to Pricing Strategy and its different types Penetration Pricing, Skimming Pricing, Competition Pricing, Economy Pricing, Bundle Pricing (Combo), Psychological Pricing, Premium Pricing, One price policy, Discounting Pricing, Discriminatory Pricing, Promotional Pricing and Product line Pricing.The course includes multiple resources like formats-templates-worksheets-reading materials, quizzes, self-assessment, film study and assignments to nurture and upgrade your pricing knowledge in details.In the first part of the course, you'll learn the details of the pricing its meaning and role, Objectives of the pricing a product and the factors that are included in pricing decisions.In the middle part of the course, you'll learn how to develop a knowledge in pricing policy and pricing strategy.In the final part of the course, you'll develop the knowledge related to the customer's willingness to pay and the factors that leads the consumer to buy products. You will get full support and all your quarries would be answered guaranteed within 48 hours.Course Content:Part 1Introduction and Study Plan· Introduction and know your Instructor· Study Plan and Structure of the Course1: Pricing1.1 : Meaning of pricing1.2 : Role of pricing2 : Objectives of Pricing2.1 : Introduction2.1.1. Revenue Generation2.1.2. Market Ruler2.1.3. Survival2.1.4. Profit Maximization2.1.5. Attraction and Retention of Customers3 : Factors Effecting Price3.1 : Introduction3.1.1 : Customer's Perception of Value3.1.2 : Competitors3.1.3 : Government Law and Regulations3.1.4 : Economy3.1.5 : Product Costs3.1.6 : Market Demand3.1.7 : Branding and Positioning3.1.8 : Distribution Channels3.2 : Selecting Pricing Policy4 : Pricing Policy4.1: Introduction4.1.1: Assess business needs4.1.2: Evaluate product4.1.3: Research competition4.1.4: Set price5 : Pricing Strategy5.1: Introduction5.2 : Types of pricing strategy5.2.1: Penetration Pricing5.2.2: Skimming Pricing5.2.3: Competition Pricing5.2.4: Economy Pricing5.2.5 : Bundle Pricing (Combo)5.2.6 : Psychological Pricing5.2.7 : Premium Pricing5.2.8 : One price policy5.2.9 : Discounting Pricing5.2.10 : Discriminatory Pricing5.2.11 : Promotional Pricing5.2.12 : Product line Pricing6 : Customer' s Willingness to pay6.1 : Introduction6.2 : Factors that influence customer willingness to pay6.2.1 : Product quality6.2.2 : Customer preferences6.2.3 : Reference prices6.2.4 : Context and situation6.2.5 : Brand image6.2.6 : Customer relationshipPart 2Assignments1. Discuss the factors of the pricing. What do you understand about the objectives of pricing?2. Explain Skimming Pricing with an example.3. How does the Government laws and regulations effects the pricing of the products?Pricing policy and strategies for MarketingDeveloping an effective pricing policy and implementing strategic pricing strategies are crucial components of marketing that directly impact a company's revenue and market positioning. Here's an overview of pricing policy and strategies for marketing:Pricing Policy:A pricing policy outlines the guidelines and principles a company follows when setting prices for its products or services. It involves strategic decisions on pricing objectives, methods, and approaches that align with overall business goals. Key elements of a pricing policy include:1. Pricing Objectives:Determine the primary goals of pricing, such as maximizing profit margins, gaining market share, achieving specific revenue targets, or enhancing brand positioning.2. Market Analysis:Conduct thorough market research and competitor analysis to understand customer preferences, pricing trends, and industry benchmarks.3. Cost Analysis:Evaluate all costs associated with producing, distributing, and marketing the product to ensure pricing covers expenses and generates desired profit margins.4. Value Proposition:Define the unique value proposition of the product or service to justify its pricing relative to customer benefits and competitive offerings.5. Pricing Methods:Choose appropriate pricing methods such as cost-based pricing, value-based pricing, competitor-based pricing, or dynamic pricing based on market dynamics and product positioning.6. Price Segmentation:Implement pricing strategies that cater to different customer segments based on their willingness to pay, preferences, and purchasing behavior.7. Promotional Pricing Guidelines:Set guidelines for promotional pricing, discounts, and sales strategies to drive short-term revenue without undermining long-term profitability.Pricing Strategies:Effective pricing strategies are tactical approaches used to implement the pricing policy and achieve specific marketing objectives. Here are some common pricing strategies:1. Penetration Pricing:Set a low initial price to quickly gain market share and attract price-sensitive customers. The price may be raised later once a customer base is established.2. Skimming Pricing:Launch the product at a high price to capture early adopters and customers willing to pay a premium for new features or innovations.3. Value-Based Pricing:Determine prices based on the perceived value of the product or service to the customer, considering factors like benefits, quality, and competitive alternatives.4. Competitive Pricing:Set prices based on competitors' pricing strategies, aiming to match, undercut, or differentiate based on value.5. Bundle Pricing:Offer multiple products or services together at a discounted price compared to purchasing them separately, encouraging upselling and increasing overall customer value.6. Dynamic Pricing:Adjust prices in real-time based on demand, seasonality, or market conditions using algorithms and data analytics.7. Psychological Pricing:Set prices slightly below round numbers (e.g., $9.99 instead of $10) to create a perception of lower cost and increase purchase likelihood.8. Promotional Pricing:Use temporary price reductions, discounts, coupons, or special offers to stimulate sales during specific periods or events.Implementation and Monitoring:· Cross-Functional Collaboration:Ensure alignment between marketing, sales, finance, and product teams to implement pricing strategies effectively.· Continuous Monitoring and Optimization:Regularly analyze pricing performance, customer feedback, and market dynamics to adjust pricing strategies accordingly and stay competitive.· Customer Communication:Clearly communicate value propositions and pricing strategies to customers through marketing campaigns, product messaging, and customer service interactions.· Adaptation to Market Changes:Remain flexible and adaptive to changing market conditions, competitor actions, and customer preferences to maintain pricing relevance and effectiveness.By developing a well-defined pricing policy and employing strategic pricing strategies, businesses can optimize profitability, enhance customer value perception, and achieve sustainable growth in competitive markets. Regular evaluation and refinement of pricing approaches are essential to staying responsive to evolving market dynamics and customer needs.
Overview
Section 1: Introduction
Lecture 1 Introduction and Study Plan
Section 2: 1: Pricing
Lecture 2 2. Unit 1 Pricing
Lecture 3 3. Unit 1.1 Meaning of Pricing
Lecture 4 4. Unit 1.2 Role of Pricing
Section 3: 2 : Objectives of Pricing
Lecture 5 5. Unit 2 Objectives of Pricing
Lecture 6 6. Unit 2.1 Introduction
Lecture 7 7. Unit 2.1.1 Revenue Generation
Lecture 8 8. Unit 2.1.2 Market Ruler
Lecture 9 9. Unit 2.1.3 Survival
Lecture 10 10. Unit 2.1.4 Profit Maximization
Lecture 11 11. Unit 2.1.5 Attraction and Retention of Customers
Section 4: 3 : Factors Effecting Price
Lecture 12 12. Unit 3 Factors effecting Price
Lecture 13 13. Unit 3.1 Introduction
Lecture 14 14. Unit 3.1.1 Customer's perception of Value
Lecture 15 15. Unit 3.1.2 Competitors
Lecture 16 16. Unit 3.1.3 Government Law and Regulations
Lecture 17 17. Unit 3.1.4 Economy
Lecture 18 18. Unit 3.1.5 Product Cost
Lecture 19 19. Unit 3.1.6 Market Demand
Lecture 20 20. Unit 3.1.7 Branding and Promotion
Lecture 21 21. Unit 3.1.8 Distribution Channels
Lecture 22 22. Unit 3.2 Selecting Pricing Policy
Section 5: 4 : Pricing Policy
Lecture 23 23. Unit 4.1 Introduction
Lecture 24 24. Unit 4.1.1 Assess Business Need
Lecture 25 25. Unit 4.1.2 Evaluate Product
Lecture 26 26. Unit 4.1.3 Research Competition
Lecture 27 27. Unit 4.1.4 Set price
Section 6: 5 : Pricing Strategy
Lecture 28 28. Unit 5 Pricing Strategy
Lecture 29 29. Unit 5.1 Introduction
Lecture 30 30. Unit 5.2 Types of Price Strategy
Lecture 31 31. Unit 5.2.1 Penetration Pricing
Lecture 32 32. Unit 5.2.2 Skimming Pricing
Lecture 33 33. Unit 5.2.3 Competition Pricing
Lecture 34 34. Unit 5.2.4 Economy Pricing
Lecture 35 35. Unit 5.2.5 Bundle Pricing
Lecture 36 36. Unit 5.2.6 Psychological Pricing
Lecture 37 37. Unit 5.2.7 Premium Pricing
Lecture 38 38. Unit 5.2.8 One Price Policy
Lecture 39 39. Unit 5.2.9 Discounting Pricing
Lecture 40 40. Unit 5.2.10 Discriminatory Pricing
Lecture 41 41. Unit 5.2.11 Promotional Pricing
Lecture 42 42. Unit 5.2.12 Product line Pricing
Lecture 43 43. Unit 6 Customer willingness to pay
Section 7: 6 : Customer' s Willingness to pay
Lecture 44 44. Unit 6.1 Introduction
Lecture 45 45. Unit 6.2 Factors that influence customer to pay
Lecture 46 46. Unit 6.2.1 Product quality
Lecture 47 47. Unit 6.2.2 Customer Preference
Lecture 48 48. Unit 6.2.3 Reference Price
Lecture 49 49. Unit 6.2.4 Context and Situation
Lecture 50 50. Unit 6.2.5 Brand Image
Lecture 51 51. Unit 6.2.6 Customer Relationship
Section 8: Assignment and Process, Case Study
Lecture 52 52. Assignment part
Lecture 53 Pricing policy and strategies Process
Lecture 54 Pricing policy and strategies Templates
Lecture 55 Pricing policy and strategies Case Studies
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