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Pricing Methods
Product and
Pricing Strategies
Pricing Objectives
Pricing Strategies
Pricing Products
New Product Development
Product and Pricing Strategies
Product Strategy
Product and
Pricing Strategies
(continued)
Product Packaging and Branding
Product and Pricing Strategies > Pricing Methods
Pricing Methods
• Cost-Based Pricing
• Demand-Based Pricing
• Competition-Based Pricing
• Break-Even Analysis
www.boundless.com/business/textbooks/boundless-business-textbook/product-and-pricing-strategies-15/pricing-methods-93/
Product and Pricing Strategies > Pricing Objectives
Pricing Objectives
• Profit Optimization
• Return on Investment
• Market Share
• Demanding a Premium
• Status-Quo Pricing of Existing Products
www.boundless.com/business/textbooks/boundless-business-textbook/product-and-pricing-strategies-15/pricing-objectives-94/
Product and Pricing Strategies > Pricing Strategies
Pricing Strategies
• New Product
• Differential
• Psychological Pricing
• Product Line
• Promotions
www.boundless.com/business/textbooks/boundless-business-textbook/product-and-pricing-strategies-15/pricing-strategies-95/
Product and Pricing Strategies > Pricing Products
Pricing Products
• The Meaning of Price
• Impacts of Supply and Demand on Pricing
www.boundless.com/business/textbooks/boundless-business-textbook/product-and-pricing-strategies-15/pricing-products-96/
Product and Pricing Strategies > New Product Development
New Product Development

• Innovation
• New Product Ideas
• Following a Product Development Process
• Screening
• Analysis
• Testing
• Commercialization
www.boundless.com/business/textbooks/boundless-business-textbook/product-and-pricing-strategies-15/new-product-development-97/
Product and Pricing Strategies > Product Strategy
Product Strategy
• Developing Products
• Developing Services
• Classifying Consumer Products
• Classifying Business Products
• Marketing Classes of Products
• Using a Product Life Cycle Framework
www.boundless.com/business/textbooks/boundless-business-textbook/product-and-pricing-strategies-15/product-strategy-98/
Product and Pricing Strategies > Product Packaging and Branding
Product Packaging and Branding

• A Brief Definition of Brand
• Brand Categories
• The Benefits of a Good Brand
• Developing a Brand
• Brand Management Strategies
• Packaging and Labeling
www.boundless.com/business/textbooks/boundless-business-textbook/product-and-pricing-strategies-15/product-packaging-and-branding-99/
Appendix
Key terms
• advertising communication whose purpose is to influence potential customers about products and services.
• arbitrage Any market activity in which a commodity is bought and then sold quickly, for a profit which substantially exceeds the
transaction cost
• brand A name, symbol, logo, or other item used to distinguish a product, service, or its provider.
• Brand categories A generic classification of products or services.
• Brand Equity the value of having a well-known name, logo, or other identifier
• brand image The set of emotional and sensory perceptions a consumer associates with a particular product or service in their
mental construct of a brand.
• competitive-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.
• conceptualizing To conceive an idea for something.
• Consumer Someone who acquires goods or services for direct use or ownership rather than for resale or use in production
and manufacturing.
• credit A privilege of delayed payment extended to a buyer or borrower on the seller's or lender's belief that what is given will be
repaid.
• demand curve An economic model showing the quantity demanded at various price levels.
• demand-oriented pricing A pricing model focused on the nature of the demand curve for the product or service being priced.
• distinctiveness Something which distinguishes something from anything else

• economies of scale The characteristics of a production process in which an increase in the scale of the firm causes a decrease
in the long-run average cost of each unit.
• engagement In marketing, this is the degree to which individuals follow, discuss, comment on, and participate with a brand.
• expense A spending or consuming. Often specifically an act of disbursing or spending funds.
• Focus Group A group of people, sampled from a larger population, interviewed in open session for market research or political
analysis
• good an object produced for market
• idea screening the process of testing concepts and eliminating unsound ones
• innovation The creation of better or more effective products, processes, services, technologies, or ideas that are not readily
available but will soon be.
• intangible incapable of being perceived by the senses; incorporeal
• lathe A machine tool used to shape a piece of material, or workpiece, by rotating the workpiece against a cutting tool.
• learning curve An experience or graphic representation of progress in learning measured against the time required to achieve
mastery of something.
• life cycle The useful life of a product or system; the developmental history of an individual or group in society.
• line consistency how closely related the products that make up the line are.
• line depth the number of subcategories a product category has.
• line vulnerability the percentage of sales or profits that are derived from only a few products in the line.
• loyalty In business, this is a customer's propensity to buy from the same organization again as a result of a meaningful brand
relationship.
• Market Share The percentage amount of a market captured by a single firm
• Market Share Percentage of some market held by a company.
• marketing The promotion, distribution and selling of a product or service; includes market research and advertising.
• marketing Marketing is the process of communicating the value of a product or service to customers.
• marketing mix The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when
determining a product or brand's unique selling point and is often synonymous with the four Ps: price, product, promotion, and
place.
• marketing mix The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when
determining a product or brand's unique selling point and is often synonymous with the four Ps: price, product, promotion, and
place.
• markups Markup is the difference between the cost of a good or service and its selling price. A markup is added on to the total
cost incurred by the producer of a good or service in order to create a profit.
• obsolete no longer in use; gone into disuse; disused or neglected (often by preference for something newer, which replaces
the subject).
• Packaging Physical appearance of a good prepared for retail sale

• patent A declaration issued by a government agency declaring someone the inventor of a new invention and having the
privilege of stopping others from making, using or selling the claimed invention; a letter patent.
• patent A declaration issued by a government agency declaring someone the inventor of a new invention and having the
privilege of stopping others from making, using or selling the claimed invention; a letter patent.
• Penetration pricing The introductory stage of a new product's life cycle means accepting a lower profit margin and to price
relatively low. Such a strategy should generate greater sales and establish the new product in the market more quickly.
• prestige The quality of how good the reputation of something or someone is.
• price The price is the amount a customer pays for the product.
• Price premium The percentage by which a product's selling price exceeds a benchmark price.
• Price skimming This involves the top part of the demand curve. The price is set relatively high to generate a high profit margin,
and sales are limited to those buyers willing to pay a premium to get the new product.
• Price skimming Price skimming is a pricing strategy in which a marketer sets a relatively high price for a product or service at
first, then lowers the price over time. It is a temporal version of price discrimination/yield management.
• process A series of events to produce a result, especially as contrasted to product.
• product life cycle the stages that a good or service goes through from when it is first introduced to when it is taken off the
market
• product line a series of several related goods or services for sale as individual units
• product mix the number of different categories and lines of goods or services offered by a company
• profits Collective form of profit.
• Promotional pricing The temporary reduction of the price of an established product in order to increase interest in customers.
• psychological pricing Psychological pricing or price ending is a marketing practice based on the theory that certain prices have
a psychological impact.
• pull strategy communication not demanded by the buyer
• push strategy communication demanded by the buyer
• rate of return Rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes just return, is the
ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested.
• reseller a company or individual that purchases goods or services with the intention of reselling them rather than consuming or
using them
• retention In general, this is the process of remembering something. In business, however, it refers to the ability of an
organization to keep its current customers.
• return on investment One way of considering profits in relation to capital invested.
• revenue the total income received from a given source
• Revenue optimization A method of finding the best possible combination of output and price level to give the most possible
revenue.
• scale To grow and expand rapidly.

• status-quo pricing The practice of pricing goods such that the current market price level is maintained.
• Supply and demand model An economic model of price determination in a market.
• SWOT Analysis a structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved
in a project or in a business venture
• value The degree of importance you give to something.
• variable cost the amount of resources used that changes with the change in volume of activity of an organization
• wholesaler a person or company that sells goods wholesale is a middleman that buys its merchandise from a third party
supplier and resells the merchandise to retail businesses or the end consumer. A wholesaler normally does not sell to other
wholesalers.
• yield management The analysis of qualitative and quantitative information on factors driving demand for a good in order to
forecast the most profitable production decisions for a firm.
• yield management The method of analyzing information to forecast market conditions and implications for the firm
Olympus Camera
This Olympus camera is considered to be a consumer good.
Saylor. CC BY 3.0 http://www.saylor.org/site/wp-content/uploads/2011/04/Core-Concepts-of-Marketing.pdf View on Boundless.com
Break-Even Analysis
This graphs depicts an example of a break-even point based on sales and total costs.
Wikimedia. "CVP-TC-Sales-PL-BEP." Public domain http://commons.wikimedia.org/wiki/File:CVP-TC-Sales-PL-BEP.svg View on Boundless.com
Various Packaging Designs, including labeling

Packaging refers to the physical appearance of a product when a consumer sees it, and labels are an informative component of packaging.
Wikimedia. "Paperboard packaging." CC BY-SA http://commons.wikimedia.org/wiki/File:Paperboard_packaging.jpg View on Boundless.com
Product Lifecycle
The product lifecycle.
Saylor. CC BY 3.0 http://www.saylor.org/site/wp-content/uploads/2011/04/Core-Concepts-of-Marketing.pdf View on Boundless.com
Demand-based Pricing
Illustration of price points, or concave-downward cusps on a demand curve (P is price; Q is quantity demanded; A, B, and C are the price points)
Wikimedia. "PricePointGraph." CC BY-SA http://commons.wikimedia.org/wiki/File:PricePointGraph.svg View on Boundless.com
Branding
Branding is about selling everything associated with your organization.
Action Marketing Corportation. "Action Marketing Team - Brand Marketing." CC BY http://www.action-marketing-corp.com/Brand-Marketing.html
View on Boundless.com
Walmart Exterior
Large companies, such as Walmart, often have product lines that cover a wide variety of similar or related needs.
Wikipedia. "Walmart exterior." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Walmart View on Boundless.com
Service Development
Dog walking is a service industry that has developed in recent years.
Flickr. "Dogs." CC BY 2.0 https://www.flickr.com/photos/objetivoblando/galleries/72157644158546599/ View on Boundless.com
Assets
Return on assets (ROA), return on net assets (RONA), return on capital (ROC) and return on invested capital (ROIC) are similar measures with
variations on how 'investment' is defined.
http://www.ivm4u.com/financial-asset-management-making-the-most-of-money/. "Account Suspended." CC BY
http://www.ivm4u.com/financial-asset-management-making-the-most-of-money/ View on Boundless.com
Pyramid of Production Systems

Refining production for a new product requires consideration of a variety of factors, including productivity, quality, economics, flexibility, and sustainability.
Wikipedia. "Pyramid_of_Production_Systems.jpg." CC BY-SA 3.0 https://upload.wikimedia.org/wikipedia/commons/b/b5/Pyramid_of_Production_Systems.jpg
Competitive Market Pricing

Status-quo pricing, also known as competition pricing, involves maintaining existing prices or basing prices on what other firms are charging.
Wikimedia. "Competitive market." Public domain http://commons.wikimedia.org/wiki/File:Competitive_market.jpg View on Boundless.com
Premium-Priced Good
Gold mined from different sources demand different premiums.
Wikimedia. "Gold-Quartz-34577." CC BY-SA http://commons.wikimedia.org/wiki/File:Gold-Quartz-34577.jpg View on Boundless.com
Optimization
Optimization point at x1, x2.
Wikimedia. "TE-Utility-Optimization." CC BY-SA http://commons.wikimedia.org/wiki/File:TE-Utility-Optimization.png View on Boundless.com
Market Share
Mobile phone market share in Q3 2008
Wikimedia. "Mobile phone manufacturers market share in Q3-2008." CC BY-SA
http://commons.wikimedia.org/wiki/File:Mobile_phone_manufacturers_market_share_in_Q3-2008.png View on Boundless.com
Mercedes Benz SLR McLaren

Mercedes Benz executes a premium pricing strategy.
Fotopedia. CC BY-SA http://www.fotopedia.com/items/flickr-107360969 View on Boundless.com
Brands
Good branding gives a company several advantages, including establishing a positive reputation and building an image attractive to consumers.
Free Pik. "World-famous brand logo vector material | Download free Vector." CC BY
http://www.freepik.com/free-vector/world-famous-brand-logo-vector-material_509059.htm View on Boundless.com
Convenience Goods
Convenience goods are typically found in convenience stores, such as the one pictured here.
Flickr. "All sizes | Through A Mirror Dumbly | Flickr - Photo Sharing!." CC BY-SA http://www.flickr.com/photos/mikeschmid/1347273999/sizes/m/in/photostream/
Price Skimming
Video game systems, such as the Sony PS3, usually employ the classic new product pricing strategy, known as skimming.
Flickr. "All sizes | ps3 | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/smemon/4234593311/sizes/m/in/photostream/ View on Boundless.com
Product Testing
This is a photo of a temperature and humidity chamber used to simulate transport, warehouse environments, and shelf life conditions of a packaged
product.
Wikimedia. "Environmental chamber." Public domain http://commons.wikimedia.org/wiki/File:Environmental_chamber.jpg View on Boundless.com
Stop & Shop Price Cruncher

A British Stop & Shop ad from the 1994 holiday season, informing consumers what they would save on the purchase of each item.
Flickr. "Stop & Shop Price Cruncher Mail Shot - Late December 1994 - Page 1 | Flickr - Photo Sharing!." CC BY 2.0
http://www.flickr.com/photos/damo1977/4622514530/lightbox/ View on Boundless.com
Extractive Products
Quarries are examples of business that provide extractive products for other businesses.
Wikimedia. "Quarry." Public domain http://commons.wikimedia.org/wiki/File:Quarry.jpg View on Boundless.com
Prototypes
One step in the product development process is technical development.
Flickr. "All sizes | The X-Ray Car | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/jurvetson/5061260090/sizes/m/in/photostream/
Louis Vuitton
Louis Vuitton sells luxury designer goods such as these suitcases. If Louis Vuitton merchandise was offered at low prices it might significantly undermine
the brand value, much of which is based upon exclusivity.
Flickr. "All sizes | Louis Vuitton | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/savingfutures/3942180902/sizes/m/in/photostream/
Quaker Oats man

A Quaker Oats promotion at a Publix grocery store.
Flickr. "All sizes | "Too often we underestimate the power of touch, a smile, a kind word, a listening ear" ~ | Flickr - Photo Sharing!." CC BY
http://www.flickr.com/photos/turtlemom_nancy/5565994509/sizes/m/in/photostream/ View on Boundless.com
Brand logo
Brand awareness refers to thecustomer's ability to recall and recognize the brand under different conditions,using memory associations to link to the
brand name, logo, jingles, and so forth.
Flickr. "All sizes | Brands | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/nnova/2756729384/sizes/m/in/photostream/ View on Boundless.com
Commercialization
Bringing new products to market will require creative marketing techniques to achieve success like Red Bull did by creating mascot automobiles.
Flickr. "Red Bull - Redbull | Flickr - Photo Sharing!." CC BY-SA http://www.flickr.com/photos/luc/2392499111/ View on Boundless.com
Price Differentiation
The airline industry implements price differentiation schemes.
Wikimedia. "An American Airline's jet." CC BY-SA http://commons.wikimedia.org/wiki/File:An_American_Airline's_jet.JPG View on Boundless.com
Cost-based Pricing
Cost-based pricing model
Wikimedia. "Figure Cost Based Pricing." CC BY-SA http://commons.wikimedia.org/wiki/File:Figure_Cost_Based_Pricing.jpg View on Boundless.com
Brand Touch-point Wheel

As a supplement to the various strategies listed above, these touch-points indicate where the tactics of these strategies will come into play.
Understanding where the organization will be in direct communication with a prospective consumer is imperative to ensuring messaging is clean,
consistent, and clear across the board.
Wikimedia. "2_Touch_Point_Wheel.jpg." CC BY-SA 3.0 https://upload.wikimedia.org/wikipedia/commons/d/db/2_Touch_Point_Wheel.jpg View on Boundless.com
Technological Innovation Chart

In the figure above the first curve shows a current technology. The second shows an emerging technology that currently yields lower growth but will
eventually overtake current technology and lead to even greater levels of growth.
Wikimedia. CC BY-SA http://upload.wikimedia.org/wikipedia/commons/e/e0/InnovationLifeCycle.jpg View on Boundless.com
SWOT Analysis
Here is an example of the SWOT analysis matrix.
Wikimedia. "File:SWOT en.svg - Wikimedia Commons." CC BY-SA http://commons.wikimedia.org/w/index.php?title=File:SWOT_en.svg&page=1
Labels Indicating Recycled Material

Laws were passed in the United States to inform consumers as to whether the stuffed articles they were buying contained new or recycled materials.
Wikimedia. "Recycle001." Public domain http://commons.wikimedia.org/wiki/File:Recycle001.svg View on Boundless.com
Product Screening
Before introducing the iPad to market, Apple had to go through a process of screening in order to conclude the new product would be a worthwhile
investment.
Flickr. "iPad 3G and iPad Wi-Fi | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/ivyfield/4666982875/ View on Boundless.com
Coca-Cola Brand Logo

The Coca-Cola logo is an example of a widely-recognized trademark and global brand.
Wikimedia. "Coca-Cola logo." Public domain http://commons.wikimedia.org/wiki/File:Coca-Cola_logo.svg View on Boundless.com
Price affected by supply and demand

The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each
price (demand D). The diagram shows a positive shift in demand from D1 to D2, resulting in an increase in price (P) and quantity sold (Q) of the product.
Wikipedia. "Supply-and-demand." CC BY-SA http://en.wikipedia.org/wiki/File:Supply-and-demand.svg View on Boundless.com
Competitive Market Pricing

Status-quo pricing, also known as competition pricing, involves maintaining existing prices or basing prices on what other firms are charging.
Wikimedia. "Competitive market." Public domain http://commons.wikimedia.org/wiki/File:Competitive_market.jpg View on Boundless.com
The Fourt-Woodlock Equation

The left-hand-side of the equation is the volume of purchases per unit time (usually taken to be one year). On the right-hand-side, the first parentheses
describes trial volume, and the second describes repeat volume. HH is the total number of households in the geographic area of projection, and TR
("trial rate") is the percentage of those households which will purchase the product for the first time in a given time period. TU ("trial units") is the number
of units purchased on this first purchase occasion. MR is "measured repeat," or the percentage of those who tried the product who will purchase it at
least one more time within the first year of the product's launch. RR is the repeats per repeater ( the number of repeat purchases within that same year).
RU is the number of repeat units purchased on each repeat event.
Wikipedia. "Fourt-Woodlock equation." GNU FDL http://en.wikipedia.org/wiki/Fourt-Woodlock_equation View on Boundless.com
Attribution
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New Product Development

Product and Pricing Strategies

Product and Pricing Strategies

New Product Development

Product Packaging and Branding

• distinctiveness Something which distinguishes something from anything else

• Packaging Physical appearance of a good prepared for retail sale

• scale To grow and expand rapidly.

Various Packaging Designs, including labeling

Pyramid of Production Systems

Competitive Market Pricing

Mercedes Benz SLR McLaren

Stop & Shop Price Cruncher

Quaker Oats man

Brand Touch-point Wheel

Technological Innovation Chart

Labels Indicating Recycled Material

Coca-Cola Brand Logo

Price affected by supply and demand

Competitive Market Pricing

The Fourt-Woodlock Equation

• Wiktionary. "intangible." CC BY-SA 3.0 http://en.wiktionary.org/wiki/intangible

• Wikipedia. "arbitrage." CC BY-SA 3.0 http://en.wikipedia.org/wiki/arbitrage

• Wikipedia. "Proctor and Gamble." CC BY-SA 3.0 https://en.wikipedia.org/wiki/List_of_Procter_%26_Gamble_brands

• Wikipedia. "Status quo." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Status_quo

• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/product-mix

• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/packaging

• Wikipedia. "Price discrimination." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Price_discrimination

• Wikipedia. "Economic calculation problem." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Economic_calculation_problem

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