MindMap Gallery Item 5 Set product prices
Regarding the development of a product price mind map in the secondary vocational school marketing project 5, it mainly introduces the factors that affect corporate pricing, corporate pricing methods, corporate pricing strategies, etc.
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Item five Set product prices
Module 1 Factors affecting corporate pricing
1.1 Internal factors
1. Pricing target
(1) Profit target
① Aim to obtain reasonable profits as the pricing goal
② Aiming to obtain investment income as the pricing goal
③Aim to obtain maximum profit as the pricing goal
(2) Market share target
It is a direct reflection of the company's operating conditions and the competitiveness of its products.
(3) Stable price target
Pricing with the goal of keeping prices relatively stable and avoiding head-on price competition
(4) Corporate image goals
A good corporate image is an intangible asset of the company
2. Product cost
Cost is the main component of price
cost
fixed costs
Variable costs
profit
taxes
3. Product differentiation
4. The company’s sales capabilities
1.2 External factors
1. Consumer demand
①Demand ability
②Demand intensity
③Hierarchy of needs
2. Government intervention
3. Competitive factors
①Perfect competition
②Imperfect competition
③Complete monopoly
④ Oligopoly
4. Other factors
①Economic conditions
②Consumer psychology and habits
③Image factors of the company or product
Module 2 Enterprise pricing methods
2.1 Cost-oriented pricing method
1. Break-even pricing method
2. Cost-plus pricing method
3. Target profit pricing method
2.2 Demand-oriented pricing method
1. Cognitive value pricing method
2. Demand differential pricing method
① Differential pricing based on customer differences
② Differential pricing based on different geographical locations
③Differential pricing based on product differences
④ Differential pricing based on time difference
3. Reverse pricing method
2.3 Competition-oriented pricing method
1. Follow the market pricing method
2. Sealed bid pricing method
Module 3 corporate pricing strategy
3.1 Basic pricing strategy
1. New product pricing strategy
(1) Skimming pricing
It refers to setting the price of a new product as high as possible when it is launched into the market in order to maximize profits, just like skimming a layer of grease on the surface of fresh milk.
Conditions: ① There are enough buyers in the market and their demand is inelastic. Even if the price is set very high, the market demand will not decrease significantly. ②The quality of the product is consistent with the high price. ③ Still operating exclusively despite high prices, it will be difficult for competitors to enter the product market in the short term. Generally speaking, skimming pricing can be used for brand-new products, products protected by patents, products with low price elasticity of demand, popular products, and products whose future market situation is difficult to determine.
Advantages: ① Taking advantage of the huge profits generated by high prices, you can quickly recover your investment and reduce investment risks; ②At the beginning of the launch of a new product, the purchasing motivation is all about novelty and novelty. Companies set higher prices to increase product awareness and create the impression of high prices, high quality, and famous brands; ③ Set a higher price so that new products can have greater room for price adjustment after they enter the maturity stage; ④ At the beginning of new product development, using high prices can limit the excessive growth of demand, alleviate the situation of product shortage, and obtain high profits for investment and expansion of production scale.
Disadvantages: ① After all, the scale of demand for high-priced products is limited. Excessively high prices are not conducive to market development, increasing sales, or conducive to occupying and stabilizing the market; ② High prices and high profits will lead to a large influx of competitors, and the rapid emergence of imitations and substitutes, thus forcing prices to drop sharply; ③The price is much higher than the value, which damages the interests of consumers and easily leads to public opposition and consumer boycott.
(2) Penetration pricing
It refers to taking advantage of consumers' desire for low prices in the early stages of a new product's launch and intentionally setting the price very low.
Advantages: ① New products can quickly occupy the market and have high market share; ② Low profits prevent competitors from entering and enhance the market competitiveness of enterprises; ③ Low price strategy to promote consumer demand.
Disadvantages: ① meager profits; ② Reduce the image of the company’s high-quality products.
Prerequisites: ① There is sufficient market demand. ②Consumers are highly price-sensitive rather than having strong brand preferences. ③Mass production can produce significant cost economic benefits. ④ Low price strategy can effectively attack existing and potential competitors.
(3) Satisfactory pricing
Try to reduce the role of price in marketing methods and focus on other methods that are more powerful or cost-effective in the product market.
Advantages: The price is relatively stable, which can achieve the company's expected profit target without causing too fierce competition.
Disadvantages: Somewhat conservative and passive in the increasingly fierce market competition.
2. Psychological pricing strategy
(1) Mantissa pricing
①Cheap
②Accurate
③Like it
④Promote sales
The special effect that price has on consumers
(2) Integer pricing
(3) Prestige pricing
(4) Solicitation pricing
(5) Customized pricing
(6) Minimum unit pricing
3. Discount pricing strategy
(1) Quantity discount
①Cumulative quantity discount
②One-time quantity discount
(2) Cash discount
(3) Functional discounts
(4) Seasonal discounts
(5) Rebates and subsidies
3.2 Adjust price strategy
1. Price cutting strategy
Reasons: (1) Enterprises are in urgent need of withdrawing large amounts of cash. (2) Enterprises open up new markets by cutting prices. (3) Enterprise costs are lower than competitors, and price cuts can expand production and sales. (4) The enterprise has excess production capacity and therefore needs to expand sales, but cannot expand sales through product improvement and strengthening sales efforts. (5) Under the pressure of strong competitors, the market share of enterprises decreases. (6) Changes in the political, legal environment and economic situation force companies to cut prices.
2. Price increase strategy
Reasons: (1) To cope with the increase in product costs and reduce cost pressure. (2) Due to inflation and rising prices, the cost of enterprises increases. (3) Products are in short supply and cannot meet the needs of all customers. (4) Make use of customer psychology to create high-quality effects.
Issues to note: (1) Avoid raising prices on all products at the same time. (2) When raising prices, be sure to explain the rationality of the reasons for the price increase. (3) Pay attention to the price increase range.