Price and Pricing Strategies

Define price as the amount paid to acquire a product or service, and note that organizations charge costs plus markup to drive revenue, profitability, and market share.

Explore static pricing and dynamic pricing, showing how prices stay fixed for all customers or adjust with demand and market conditions, often automated in online environments.

Explore the definition of pricing from consumer and organization perspectives, and determine a price between the price ceiling and the price floor to balance customer value and company profitability.

Explore three core pricing strategies—value based, cost based, and competition based—and learn how market research, costs, and competitor insights shape pricing decisions.

The lecture outlines new product pricing strategies, detailing market skimming and market penetration. It shows premium pricing requires a strong brand and high quality, while penetration pricing lowers entry barriers.

Identify internal factors from the marketing mix that influence pricing, including product, promotion, distribution, cost, and profit, and examine external factors—cooperative, competitive, social, economic, legal, political, and technological.

Explore pricing strategies across four market types: pure competition, monopolistic competition, oligopolistic competition, and pure monopoly, and how market factors and differentiation strategies shape price decisions.

Explore how demand, defined as human wants backed by buying power, relates inversely to price on the demand curve, and use price points to drive demand and profitability.

Learn how price point shapes market positioning, demand, and profit by using charm pricing, price anchoring, tiering, and bundling to position products as premium or budget.