Pricing policy and strategies for Marketing and Sales

Description

Take 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 come

The Frameworks of the Course

Engaging 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 1

Introduction and Study Plan

· Introduction and know your Instructor

· Study Plan and Structure of the Course

1: Pricing

1.1 : Meaning of pricing

1.2 : Role of pricing

2 : Objectives of Pricing

2.1 : Introduction

2.1.1. Revenue Generation

2.1.2. Market Ruler

2.1.3. Survival

2.1.4. Profit Maximization

2.1.5. Attraction and Retention of Customers

3 : Factors Effecting Price

3.1 : Introduction

3.1.1 : Customer’s Perception of Value

3.1.2 : Competitors

3.1.3 : Government Law and Regulations

3.1.4 : Economy

3.1.5 : Product Costs

3.1.6 : Market Demand

3.1.7 : Branding and Positioning

3.1.8 : Distribution Channels

3.2 : Selecting Pricing Policy

4 : Pricing Policy

4.1: Introduction

4.1.1: Assess business needs

4.1.2: Evaluate product

4.1.3: Research competition

4.1.4: Set price

5 : Pricing Strategy

5.1: Introduction

5.2 : Types of pricing strategy

5.2.1: Penetration Pricing

5.2.2: Skimming Pricing

5.2.3: Competition Pricing

5.2.4: Economy Pricing

5.2.5 : Bundle Pricing (Combo)

5.2.6 : Psychological Pricing

5.2.7 : Premium Pricing

5.2.8 : One price policy

5.2.9 : Discounting Pricing

5.2.10 : Discriminatory Pricing

5.2.11 : Promotional Pricing

5.2.12 : Product line Pricing

6 : Customer’ s Willingness to pay

6.1 : Introduction

6.2 : Factors that influence customer willingness to pay

6.2.1 : Product quality

6.2.2 : Customer preferences

6.2.3 : Reference prices

6.2.4 : Context and situation

6.2.5 : Brand image

6.2.6 : Customer relationship

Part 2

Assignments

1. 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 Marketing

Developing 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.