Determining the correct price

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Presentation transcript:

Determining the correct price elling Price Determining the correct price

And Selling Price is? Selling Price- The amount a seller charges for a good or service All businesses follow a process to determine prices Selling prices are dynamic

Components of Selling Price

Importance For Business For Customers Determine income from sales Reach company goals For Customers Product comparison Money allocation decisions

Should be compatible with marketing objectives. Pricing Objectives Should be compatible with marketing objectives. May change over time

Pricing Objectives-Sales Oriented What is the purpose? To increase the total amount of income from sales Objectives: Creating an image Be more competitive Obtaining, maintaining, or increasing market share

Pricing Objectives- Profit Oriented What is the purpose? To create profits for the business Objectives Surviving Maximizing Profits Earning return on investment Earning return on sales

Factors Affecting Selling Price Costs Fixed Variable Supply and Demand Economic Conditions Competition Pure Competition Monopolistic Competition Oligopoly Monopoly

Factors Affecting Selling Price(cont.) Government Regulation Price fixing Price discrimination Price advertising Unit pricing Distribution Channels Company Objectives and Strategies Product mix Product life cycle Target market