https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f Post idea/ learning point regarding pricing strategies that was covered in Lesson 08. You can use pictures/ graphics to highlight your idea/concept/ learning point and be creative. Ensure your idea/concept/ learning point is not the same as your teammates. Do not paraphrase an existing point. Choose ONE (1) representative from your team to present your Team’s key points. en-us 2023-01-10 01:24:56 UTC 2023-01-11 10:18:09 UTC hello@padlet.com https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438653878 There are 5 types of pricing strategies that businesses can utilise when giving value to their product/service. The strategies include cost based pricing, break-even analysis pricing, target rate of return pricing, demand based pricing and value based pricing.]]> 2023-01-10 02:06:49 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438653878 21043561_2 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438653951 Nature of relative (objective vs subjective)
Nature of Price (Initial vs Final)
Nature of Evaluation (Seller's Value vs Buyer's Value)
Nature of Content (Tangible vs Intangible)]]> 2023-01-10 02:06:55 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438653951 210344161 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654005 From a customer's perspective, the perceived value of an item is not just how much it is worth but also the benefits that they are able to enjoy. By improving their perspective, we are then able to price services/products at a higher pricing and people are still willing to buy.]]> 2023-01-10 02:07:01 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654005 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654082 Demand Based Pricing
- Focuses on the nature of the demand curve
- Also known as competitive pricing
- The overall demand and the pricing of competition in the market place is also taken into consideration

Value Based Pricing
- Determined entirely on the customer for the total price/ value package. 
- Customers are always looking for value
e.g. $32 OCBC package - 2 tix, 2 large drinks, 1 large popcorn (@ Shaw Theatres)]]> 2023-01-10 02:07:06 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654082 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654199 Pricing strategies is a method that businesses used to establish the best price point for the product and services which would mean that different companies uses different types of pricing for their product/services]]> 2023-01-10 02:07:12 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654199 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654411 Pricing strategies
Cost based pricing 
break-even analysis pricing 
target rate of return pricing 
demand based pricing 
value based pricing

price positioning strategies:
price skimming 
price matching 
price surrounding 
price undercutting 
price penetrating]]> 2023-01-10 02:07:31 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654411 20040604_3 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654626 Value-Based Pricing:
Such pricing strategies focus entirely on customer behavior. IF the company has a consistent customer base and the majority of customer reviews has a high perceived value towards the company brand, the company could start pricing its price at a higher cost. ]]> 2023-01-10 02:07:51 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654626 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654801 Demand based pricing example : 
Focuses on the nature of the demand curve for the product or service being priced. Sometimes, it is also known as competitive pricing, as it takes into consideration the pricing of the overall demand as well as pricing of competition in the market place.

]]> 2023-01-10 02:08:06 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438654801 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655158 price positioning strategies
- getting to know where the company stands in the market
- get to know what the company need to improve on based on the ranking score/ review. 

]]> 2023-01-10 02:08:27 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655158 210383691 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655288 Pricing involves assessing the buyer's response to price. A change in price is based on what drives the changes. 

There are 4 behavioural premises: 
1. The nature of relative
2. the nature of price 
3. the nature of evaluation
4. the nature of content

Hence, to decide on a price we have to look into the internal and external factors]]> 2023-01-10 02:08:40 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655288 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655373 Customer lifetime value is a pricing technique that aligns the price customer pays with their lifetime value to a company. 
customer lifetime value refers to the value of a business attributed to the customer during his or her entire relationship with the company.
it requires specific customer segmentation method and applying different strategies to different customer groups.]]> 2023-01-10 02:08:49 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655373 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655653  
1)Cost based pricing
2)break even pricing
3)ROi pricing
4) Demand based pricing
5) value pricing

These strategies are used to influence the perceived value of various goods for customer, maximising revenue earned + customer appeal]]> 2023-01-10 02:09:14 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655653 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655901 A pricing strategy is a model or method for determining the most competitive price for a product or service. It assists you in determining pricing that maximize profitability while taking consumer and market demand into consideration.]]> 2023-01-10 02:09:37 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438655901 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656043 There are 5 different price positioning strategies
- price skimming: positions company above the rest
- price matching: puts pricing on par with competition
- price surrounding: positions the lead in product as cheapest in the market but offers our more premium products at a price closer to the competitors
- price undercutting: undercutting competitors rate in some categories to potentially attract more customers
- price penetrating: designed to increase market share]]> 2023-01-10 02:09:47 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656043 21039130_2 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656128 The perceived value in price for hospitality products and services based on consumer's perception, by applying the different pricing strategies. 
Companies can segment their pricing according:
- Group
- Contract
- Transient (Retail, Special Corporate, Wholesaler, Packages, Qualified rates)]]> 2023-01-10 02:09:54 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656128 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656221 Value can be described as the relationship between the total price and total experience. 
The value equation states that value equals the services offered and experienced, divided by the price paid. 
To improve value is to lower the price or increase the value of the consumers’ experience. 


]]> 2023-01-10 02:10:02 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656221 21040461_2 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656442 5 pricing strategies
~ Cost-based pricing
~ Break-even Analysis Pricing
~ Target rate of return pricing
~ Demand based pricing
~ Value based pricing

Pricing based on a customer lifetime value:
Pricing technique aligned with price customer pays with their lifetime value to a company.


]]> 2023-01-10 02:10:20 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656442 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656461  5 types of pricing strategies 
- cost based pricing
- break-even analysis pricing
- target rate of return pricing
- demand based pricing
- value based pricing]]> 2023-01-10 02:10:22 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656461 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656515 pricing strategies
1. cost based pricing
2. break-even analysis pricing
3. target rate of return pricing 
4. demand based pricing
5. value based pricing

pricing strategies benefit the company to become more strategic and customer-centric, as the company strive a balance between short term revenue maximisation and long-term customer relationship management to stay competitive]]> 2023-01-10 02:10:26 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438656515 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438657105 cost based pricing, break-even pricing, demand based pricing, target rate of return pricing, value based pricing.


]]> 2023-01-10 02:11:14 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438657105 nadinnvrezria https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438658352 Hotels mostly prefer the contract segment rather than group and transient. This is because for contract segment tavellers since most of them are airline crews the hotels know that they are fixed number of stays. This, means that the airline crews has no other choice but to stay at the hotel.]]> 2023-01-10 02:13:02 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438658352 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438658361 1. Cost Based Pricing
2. Break-even Analysis Pricing
3. Target Rate of Return Pricing
4. Demand Based Pricing
5. Value Based Pricing

Price Skimming
Price Matching
Price Surrounding
Price Undercutting
Price Penetrating]]> 2023-01-10 02:13:02 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438658361 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438658863 Pricing strategies:
1. Cost based pricing
2. Break-even analysis
3. Target rate of return pricing (The Hubbart Formula)
4. Demand based pricing 
5. Value based pricing
- Balance between short term revenue maximization and long-term customer relationship management to stay competitive.

Price positioning strategies: 
1. Price skimming
2. Price matching
3. Price surrounding 
4. Price undercutting
5. Price penetrating
- Evaluating a business experience against their competition and determining appropriate rate premium or discount that creates economic value for a specific segment.]]> 2023-01-10 02:13:45 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438658863 https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438660494 Cost based pricing - The price is set by a seller including all expenses and profit margin

break-even analysis pricing - Price is set to produce enough revenue to cover all costs

target rate of return pricing - Commonly used by hotel management companies to determine the average room rate in a
given hotel

demand based pricing - Focuses on the nature of the demand curve for the product or service being priced. Sometimes, it is also known as competitive pricing, as it takes into consideration the pricing of the overall demand as well as pricing of competition in the market place

value based pricing - Focuses entirely on the customer as a determinant of the total price/value package From a customer standpoint, it is about value]]> 2023-01-10 02:15:39 UTC https://padlet.com/steven_ong2/6te3u3m8vtcsfd2f/wish/2438660494