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Reference pricing

Competitor's reactions

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Question 5: Explain how companies adjust their prices to take into account different types of customers
and situations. 
						
					
				
			
		

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Question 5: Explain how companies adjust their prices to take into account different types of customers
and situations. 
						
					
				
			
		

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1. Segmented pricing

Example: GSC (student prices, senior citizens), KTM (senior citizens), buffet (more expensive during dinner)

2. Geographic pricing

Example: West Malaysia (Cheaper) & East Malaysia (more expensive)

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Cost Based Pricing- A pricing method in which a fixed sum or a percentage of the total cost is added (as income or profit) to the cost of the product to arrive at its selling price.

Example - Pricing of common products such that does not take in much consideration of customers' perception of value and also the price that competitor sells, for instance mineral water.

Competition Based Pricing-Competitive-based pricing occurs when a company sets a price for its good based on what competitors are selling a similar product for.

Example- The pricing of product that heavily influence by the price that a competitor sells for the same product. Example of these product are Smart phones like samsung and apple

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Internal factors:

(1) Cost - Considering the cost involved in producing the product

(2) Product life cycle - Different pricing at different stage

(3) Promotional activity - Advertising and promotion costs

External factors:

(1) Competition - high competition, the prices may be kept low.

(2) Government control - Rules and regulation. Eg: pricing ceiling and price floor

(3) Economic conditions - recession leads to lower pricing

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Q4. We so awesome. Price + Product .

1) Product Line Pricing eg. BMW series 1, 3, 5

2) Optional Product Pricing eg Upgrade memory card while purchase a computer

3) Captive-Product Pricing eg razors

4) By-Product pricing eg farmers selling manure

5) Product Bundle Pricing eg McD Happy Meal