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Strategic Pricing
Rating: 4.1 out of 5(20 ratings)
700 students

Strategic Pricing

Strategic Pricing is the strategy of setting a product's price based on the product's perceived value to the customer.
Created byManagement Study Guide
Last updated 1/2020
English
English [Auto],

What you'll learn

  • Define Price
  • Explain what is Strategic Pricing
  • Explain what is meant by Value
  • Describe the Different Kinds of Pricing of Product
  • Explain Various Methods of Fixing Price
  • Explain Various Types of Pricing Models
  • Explain what is List Price
  • Describe the Steps for Developing Pricing Strategy
  • Explain Types of Pricing Objectives
  • Explain what is meant by Price Sensitivity

Course content

2 sections • 12 lectures • 52m total length

  • Introduction3:39

    Define price and strategic pricing, explain value, pricing objectives, methods, models, and list price, and outline steps for developing a pricing strategy, illustrated by glam cosmetics glamour Rama deodorant.

  • Define Price0:25

    Define price by assessing the customer base and the factors that influence it: market share, competition, material costs, product identity, and customers' perceived value.

  • Explain what is Strategic Pricing2:18

    Explain strategic pricing as setting price by perceived value or competitive strategy rather than cost, and highlight tools like cost-plus, floor and ceiling prices, discounts, and psychology in marketing mix.

  • Explain what is meant by Value2:57

    Value equals perceived benefits minus perceived costs, with price signaling that value. Market segmentation helps tailor pricing, while pricing strategists act as facilitators to boost benefits and reduce costs.

  • Describe the Different Kinds of Pricing of Product1:25

    Describe the different kinds of pricing for a product—list price, discounts and allowances, payment period, and credit terms—and how each concept appears on lists, invoices, and pricing decisions.

  • Explain Various Methods of Fixing Price10:40

    Explore cost-based and competition-based price setting, including market line, market plus, and market minus approaches, and apply Porter's Five Forces to pricing strategy.

  • Explain Various Types of Pricing Models5:18

    Explore cost profit pricing, psychological pricing, and competitive strategies, including pricing below or above competition, discount and multiple pricing, to optimize profits and market share.

  • Explain what is List Price0:39

    Explain what list price includes, detailing costs such as manufacturing, delivery, packaging, warranty, service, quality assurance, and repair facilities charged to final end users.

  • Describe the Steps for Developing Pricing Strategy12:32

    Develop a pricing strategy by following six steps—fulfilling positioning objectives, analyzing the demand curve, setting profit margins, conducting competitor analysis, applying pricing methods, and selecting a final strategy.

  • Explain Types of Pricing Objectives3:37

    Explain profit oriented, sales oriented, and status oriented pricing objectives, including target return, market share goals, stable prices, and lessons from past pricing strategies.

  • Explain what is meant by Price Sensitivity9:20

    Explore price sensitivity, how market conditions shape consumer reactions, and strategies to reduce sensitivity by tailoring offers to heavy versus light buyers.

Requirements

  • No prior knowledge is needed.

Description

ARE YOU PLANNING TO LAUNCH ANY NEW PRODUCT IN THE MARKET AND DON'T KNOW OR UNDERSTAND HOW TO SET THE PRICE?  DO YOU WANT TO SET A PRICE FOR YOUR PRODUCT BASED ON THE PRODUCT'S PERCEIVED VALUE TO THE CUSTOMER?  Here is a Solution for all your questions regarding pricing.  This course teaches you all the basic and advanced concepts about how a product should be priced.

The main principle on which 'Strategic Pricing' works is that it believes that people usually make buying decisions based more on psychology than on logic. Also, based on the customer's psychology, it is not necessary that what may be perceived as most valuable by the customer, may also be highly-priced or most expensive to produce.


Who Should Enrol in this course?

Anyone who is interested in learning about markets, products and pricing, Students, Graduates, Freshers and Working Professionals can join this course and develop this skill.  This course is very relevant for Management Personnel of any organization in manufacturing sector.


Why Should You Enrol in this course?

After enrolling and learning this course, you can understand the four elements of marketing mix, namely: product, price, promotion and place are related with each other.  It teaches you to understand the relationship between these 4 elements and fix the price of a product.


What you will learn from this course?

You will learn the following from this course:-

  • Define Price.

  • Explain what is Strategic Pricing

  • Explain what is meant by Value.

  • Describe the Different Kinds of Pricing of Product.

  • Explain Various Methods of Fixing Price.

  • Explain Various Types of Pricing Models.

  • Explain what is List Price.

  • Describe the Steps for Developing Pricing Strategy.

  • Explain Types of Pricing Objectives.

  • Explain what is meant by Price Sensitivity.

How is this course structured?

This is a comprehensive course which teaches you all the basic and advanced concepts of Strategic Pricing.

The entire course is divided into 05+ modules all in video formats. The course begins with an interesting introduction part which emphasizes the need to learn this skill and covers all the basic points. As the course progress various important and advanced concepts are also covered.

Real life examples and case studies are used to explain the advanced concepts and to make the course interesting. The entire course is explained using simple English. Images/Icons and infographics are used to add value to the content and make the course interesting.

What are the prerequisites for joining this course?

No prior experience or qualification is required for enrolling in this course. You need uninterrupted internet connection to watch the videos and basic understanding of English.

How you will get benefitted from this course?

This course gives you good in-sight about the steps for developing a pricing strategy which can be directly implemented in your organization.  You can also get benefitted in knowing how to use your competitor's knowledge in deciding the pricing strategy.

Who this course is for:

  • Finance Managers
  • MBA Students
  • Cost Accountants

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