17-1 PRICING OF SERVICES. 17-2 Pricing Quiz  Which dentist would you choose for a filling in your tooth? DentistCost for Filling Distance to Dentist.

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Presentation transcript:

17-1 PRICING OF SERVICES

17-2 Pricing Quiz  Which dentist would you choose for a filling in your tooth? DentistCost for Filling Distance to Dentist Wait Period for an Appointment Time in Waiting Room Anesthesia A$5015 miles3 Weeks1.5 hourNone B$7515 miles1 Week.5 hourNovocain C$1253 miles1 Week1 hourNovocain D$2003 miles1 WeekNo waitNitrous Oxide & Novocain

17-3 Customer Often Lack of Knowledge of Service Prices  Customers often lack reference prices for service  Service variability limits knowledge  Providers are unwilling to estimate prices  Individual customer needs vary  Collection of price information by customers is difficult  Prices are not visible

17-4 The Role of Non-monetary Price  Time costs  Search costs  Convenience costs  Psychological costs Do you trade time for money?

17-5 Price as an Indicator of Service Quality Can price attract some customers?

17-6 Price as an Indicator of Service Quality Infers Low Quality Service Infers High Quality Service

17-7 Three Basic Marketing Price Structures and Challenges for Services

17-8 A Customer-Focused Approach to The Pricing Process Understand Customer Value Determine Demand based on Competition and Offering Estimate Cost, Revenues and LTV Establish a Pricing Structure and Level Set Final Price

17-9 Four Customer Definitions of Value

17-10 Pricing Strategies When the Customer Defines Value as Low Price

17-11 Pricing Strategies When the Customer Defines Value as Everything Wanted in a Service

17-12 Pricing Strategies When the Customer Defines Value as Quality for the Price Paid

17-13 Pricing Strategies When the Customer Defines Value as All that Is Received for All that Is Given

17-14 Summary of Service Pricing Strategies for Four Customer Definitions of Value

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