luxury watch brands market share image
norman m
the product i need to price is a mineral so you can answer with that in mind.
Answer
Premium Pricing:
Use a high price where there is a uniqueness about the product or service. This approach is used where a a substantial competitive advantage exists. Such high prices are charge for luxuries such as Cunard Cruises, Savoy Hotel rooms, and Concorde flights.
Penetration Pricing:
The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. This approach was used by France Telecom in order to
Economy Pricing:
This is a no frills low price. The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc.
Price Skimming:
Charge a high price because you have a substantial competitive advantage. However, the advantage is not sustainable. The high price tends to attract new competitors into the market, and the price inevitably falls due to increased supply. Manufacturers of digital watches used a skimming approach in the 1970s. Once other manufacturers were tempted into the market and the watches were produced at a lower unit cost, other marketing strategies and pricing approaches are implemented.
Premium pricing, penetration pricing, economy pricing, and price skimming are the four main pricing policies/strategies. They form the bases for the exercise. However there are other important approaches to pricing.
Psychological Pricing:
This approach is used when the marketer wants the consumer to respond on an emotional, rather than rational basis. For example 'price point perspective' 99 cents not one dollar.
Product Line Pricing:
Where there is a range of product or services the pricing reflect the benefits of parts of the range. For example car washes. Basic wash could be $2, wash and wax $4, and the whole package $6.
Optional Product Pricing:
Companies will attempt to increase the amount customer spend once they start to buy. Optional 'extras' increase the overall price of the product or service. For example airlines will charge for optional extras such as guaranteeing a window seat or reserving a row of seats next to each other.
Captive Product Pricing:
Where products have complements, companies will charge a premium price where the consumer is captured. For example a razor manufacturer will charge a low price and recoup its margin (and more) from the sale of the only design of blades which fit the razor.
Product Bundle Pricing:
Here sellers combine several products in the same package. This also serves to move old stock. Videos and CDs are often sold using the bundle approach.
Promotional Pricing:
Pricing to promote a product is a very common application. There are many examples of promotional pricing including approaches such as BOGOF (Buy One Get One Free).
Geographical Pricing:
Geographical pricing is evident where there are variations in price in different parts of the world. For example rarity value, or where shipping costs increase price.
Value Pricing:
This approach is used where external factors such as recession or increased competition force companies to provide 'value' products and services to retain sales e.g. value meals at McDonalds.
Premium Pricing:
Use a high price where there is a uniqueness about the product or service. This approach is used where a a substantial competitive advantage exists. Such high prices are charge for luxuries such as Cunard Cruises, Savoy Hotel rooms, and Concorde flights.
Penetration Pricing:
The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. This approach was used by France Telecom in order to
Economy Pricing:
This is a no frills low price. The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc.
Price Skimming:
Charge a high price because you have a substantial competitive advantage. However, the advantage is not sustainable. The high price tends to attract new competitors into the market, and the price inevitably falls due to increased supply. Manufacturers of digital watches used a skimming approach in the 1970s. Once other manufacturers were tempted into the market and the watches were produced at a lower unit cost, other marketing strategies and pricing approaches are implemented.
Premium pricing, penetration pricing, economy pricing, and price skimming are the four main pricing policies/strategies. They form the bases for the exercise. However there are other important approaches to pricing.
Psychological Pricing:
This approach is used when the marketer wants the consumer to respond on an emotional, rather than rational basis. For example 'price point perspective' 99 cents not one dollar.
Product Line Pricing:
Where there is a range of product or services the pricing reflect the benefits of parts of the range. For example car washes. Basic wash could be $2, wash and wax $4, and the whole package $6.
Optional Product Pricing:
Companies will attempt to increase the amount customer spend once they start to buy. Optional 'extras' increase the overall price of the product or service. For example airlines will charge for optional extras such as guaranteeing a window seat or reserving a row of seats next to each other.
Captive Product Pricing:
Where products have complements, companies will charge a premium price where the consumer is captured. For example a razor manufacturer will charge a low price and recoup its margin (and more) from the sale of the only design of blades which fit the razor.
Product Bundle Pricing:
Here sellers combine several products in the same package. This also serves to move old stock. Videos and CDs are often sold using the bundle approach.
Promotional Pricing:
Pricing to promote a product is a very common application. There are many examples of promotional pricing including approaches such as BOGOF (Buy One Get One Free).
Geographical Pricing:
Geographical pricing is evident where there are variations in price in different parts of the world. For example rarity value, or where shipping costs increase price.
Value Pricing:
This approach is used where external factors such as recession or increased competition force companies to provide 'value' products and services to retain sales e.g. value meals at McDonalds.
Differenes between the early 1900's and now?
ivylander
If anyone could tell me some of the differences between the way of life now, as compared to the early 1900's that would be amazing and I would really appreciate it.
Also any good websites comparing now and then would be great as well. Thank you so much.
Answer
In 1900 a person was still likely to find him or herself squatting over a foul fetid hole in an outhouse or sharing a toilet with dozens of others. Even in a 'luxury' hotel or on an Ocean Liner the bathroom was down the hall and shared by dozens! These days even the poorest of the poor have access to indoor plumbing (mostly) and those with homes most often have multiple toilets.
A person in 1900 most likely owned a couple of shirts, a good suit, a couple of pairs of pants, and all were either scratchy wool or cotton requiring ironing to get out wrinkles. NO polyesters or other 'modern' fabrics - - - and clothing was still scarce in 1900 with T-shirts worn beneath a button up SHIRT -- --- --- casual clothing was frowned upon even for the poor!
Movies were brand new, silent and rarely longer than ten minutes in duration. There was no television in 1900. Those of modest middle class means might own an upright piano and the average family enetertained themselves with musical evenings, the children encouraged to learn an instrument or to polish their voices. Newspapers were a big deal in the early 1900s and most homes received a morning as well as a late afternoon or evening paper. People actually read a great deal during the early 1900s - - - magazines and paperback books, 'cheapies' were availible everywhere and so people staved off boredom with books and conversations, real actual face to face conversations.
Though telephones had been around since the 1880s a monopoly by AT & T froze progress. Most everyone shared a party line, so 'dirty' conversations were not encouraged since, much like the toilets of the era, as many as a dozen people might share a single phone line. And when one placed a phone call it was through an operator, no direct dialing, no area codes, one simply picked up the receiver and shouted something along the lines of "I need Northside 88," and a scratchy women's voice would say, "I will see if I can connect you, sir."
Spinster women were the majority of phone operators. It was thought immoral for young women to serve as phone operators since they might strike up a liason with the caller.
In the early 1900s Vaudeville was still King. People many in family groups would spend hours at a theater watching a variety of ten to fifteen minute live acts; a 'dumb' act done silent auch as acrobatings or dancing, a 'dialect' comedian who specialized in Yiddish Humor or Irish Humor or Deutch/German Humor, a singer often accopanied only by a pianist singing four or five songs, a roustabout pratfall comedian, s specialty act such as plate spinning, and so on, with only the top billed enteratainers repeating their act once more during the night.
(By now you will have gathered that you can provide the contrast for 'now')...
The big Sport in the early 1900s was Baseball - - - there was as yet no Professional Football, but, in season, College Football was big and entire communities supported their local University or College. Baseball was king and a majority of Americans could rattle of stats and tell you the names of more than a dozen players. Baseball Stars adorned everyday magazines and in the off season took to the Vadeville Circut giving demonstrations of their talents or even singing or doing comedy for their fans...
Food was purchased almost daily, there was 'ice boxes' in a few homes, cold boxes chilled by blocks of ice but no true refrigerators. Many people dined out at cheap eateries, or heated cans of chili over a hot plate.
Horses were still the main stay of transportation though the average person could rarely afford a horse! Horses pulled street cars, hauled produce to street markets, pulled hearses and carts. Autos were a new thing and just starting to take off. The introduction of the Ford Model T toward the end of the first decade made it possible for millions to purchase a motor vehicle.
The greatest similarity though between then and now was how rapidly people adopted to change and embraced change. In 1900 autos were acrace the airplane unknown and movies were known as 'flickers,' less than 5 minutes in lenth and mostly used to chase people out of theaters shoing live acts. By 1910 the auto was on everyones to buy list, airplanes were the rage, and movies were nudging out theater and vaudeville and big movie palaces were being constructed by 1914.
Peace///////\\\\\\
PS If I had a timne machine then 1890 nto 1920 New York would be my destination!
Double PS and yes there was Crime the more sensational the better to sell newspapers!!! Oh and no radio until the 1920s! Music was called rag time and people were really getting into kicking up their heels. Go watch Charlie Chaplin Comedies for a trip to the past!
In 1900 a person was still likely to find him or herself squatting over a foul fetid hole in an outhouse or sharing a toilet with dozens of others. Even in a 'luxury' hotel or on an Ocean Liner the bathroom was down the hall and shared by dozens! These days even the poorest of the poor have access to indoor plumbing (mostly) and those with homes most often have multiple toilets.
A person in 1900 most likely owned a couple of shirts, a good suit, a couple of pairs of pants, and all were either scratchy wool or cotton requiring ironing to get out wrinkles. NO polyesters or other 'modern' fabrics - - - and clothing was still scarce in 1900 with T-shirts worn beneath a button up SHIRT -- --- --- casual clothing was frowned upon even for the poor!
Movies were brand new, silent and rarely longer than ten minutes in duration. There was no television in 1900. Those of modest middle class means might own an upright piano and the average family enetertained themselves with musical evenings, the children encouraged to learn an instrument or to polish their voices. Newspapers were a big deal in the early 1900s and most homes received a morning as well as a late afternoon or evening paper. People actually read a great deal during the early 1900s - - - magazines and paperback books, 'cheapies' were availible everywhere and so people staved off boredom with books and conversations, real actual face to face conversations.
Though telephones had been around since the 1880s a monopoly by AT & T froze progress. Most everyone shared a party line, so 'dirty' conversations were not encouraged since, much like the toilets of the era, as many as a dozen people might share a single phone line. And when one placed a phone call it was through an operator, no direct dialing, no area codes, one simply picked up the receiver and shouted something along the lines of "I need Northside 88," and a scratchy women's voice would say, "I will see if I can connect you, sir."
Spinster women were the majority of phone operators. It was thought immoral for young women to serve as phone operators since they might strike up a liason with the caller.
In the early 1900s Vaudeville was still King. People many in family groups would spend hours at a theater watching a variety of ten to fifteen minute live acts; a 'dumb' act done silent auch as acrobatings or dancing, a 'dialect' comedian who specialized in Yiddish Humor or Irish Humor or Deutch/German Humor, a singer often accopanied only by a pianist singing four or five songs, a roustabout pratfall comedian, s specialty act such as plate spinning, and so on, with only the top billed enteratainers repeating their act once more during the night.
(By now you will have gathered that you can provide the contrast for 'now')...
The big Sport in the early 1900s was Baseball - - - there was as yet no Professional Football, but, in season, College Football was big and entire communities supported their local University or College. Baseball was king and a majority of Americans could rattle of stats and tell you the names of more than a dozen players. Baseball Stars adorned everyday magazines and in the off season took to the Vadeville Circut giving demonstrations of their talents or even singing or doing comedy for their fans...
Food was purchased almost daily, there was 'ice boxes' in a few homes, cold boxes chilled by blocks of ice but no true refrigerators. Many people dined out at cheap eateries, or heated cans of chili over a hot plate.
Horses were still the main stay of transportation though the average person could rarely afford a horse! Horses pulled street cars, hauled produce to street markets, pulled hearses and carts. Autos were a new thing and just starting to take off. The introduction of the Ford Model T toward the end of the first decade made it possible for millions to purchase a motor vehicle.
The greatest similarity though between then and now was how rapidly people adopted to change and embraced change. In 1900 autos were acrace the airplane unknown and movies were known as 'flickers,' less than 5 minutes in lenth and mostly used to chase people out of theaters shoing live acts. By 1910 the auto was on everyones to buy list, airplanes were the rage, and movies were nudging out theater and vaudeville and big movie palaces were being constructed by 1914.
Peace///////\\\\\\
PS If I had a timne machine then 1890 nto 1920 New York would be my destination!
Double PS and yes there was Crime the more sensational the better to sell newspapers!!! Oh and no radio until the 1920s! Music was called rag time and people were really getting into kicking up their heels. Go watch Charlie Chaplin Comedies for a trip to the past!
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Title Post: give me the different pricing strategies that you can use to price a product.?
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Rating: 98% based on 9457 ratings. 4,7 user reviews.
Author: Unknown
Thanks For Coming To My Blog
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