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CHAPTER Day 19 BUS 222

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Page 1: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

CHAPTER

Day 19

BUS 222

Page 2: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Agenda

• Questions?• Assignment 5 graded

– 5 A’s, 6 B’s, 4 C’s and 2 F’s

• Assignment 6 Posted– Due April 19 @ 9:30 AM

• Quiz 4 Corrected – 6 A’s,5 B’s, 4 C’s, 1 D And 1 F – 3 more quizes

• Discuss pricing Concepts for Establishing Value

Page 3: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

5 Week Countdown

• April 12– Chap 14

• April 16– Chap 15– Quiz 5 (13 & 14)

• April 19– Assignment 6 Due– Chap 15

• April 23– Chap 16

• April 26– Quiz 6 (15 & 16)– Chap 17

• April 30– Chap 18

• May 3– Scholars Symposium

• May 7– Chap 19– Assignment 7 Due

• May 10– Quiz 7 (17, 18 & 19)

• May 14 @ 8 AM– Market Plan Presentations

• May 16 @ 3 PM– Complete Marketing Plans Due

Page 4: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

CHAPTER

PRICING CONCEPTS FOR ESTABLISHING VALUE

13

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Page 5: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

LEARNING OBJECTIVES

Pricing Concepts for Establishing Value

LO1 List the four pricing orientations.LO2 Explain the relationship between

price and quantity sold.LO3 Explain price elasticity.LO4 Describe how to calculate a

product’s break-even point.LO5 Indicate the four types of price

competitive levels.

Page 6: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Which is the best Wine?

$40

$70 $22

Page 7: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Price and Value

What’s the most you will pay for a nice hotel?

©Uden Graham/Redlink/Corbis

Page 8: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Price

Page 9: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Bottled vs. Tap Water

Page 10: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Price is a Signal

http://www.PriceGrabber.com

Website

©Brand X Pictures/PunchStock

Page 11: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

The Role of Price in the Marketing Mix

Price is the only marketing mix element that generates revenue

Price is the only marketing mix element that generates revenue

Price is usually ranked as one of the most important factors in purchase decisions

Price is usually ranked as one of the most important factors in purchase decisions

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Page 12: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

The 5 C’s of Pricing

Page 13: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

1st C: Company Objectives

Page 14: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Profit Orientation

Page 15: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Sales Orientation

Page 16: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Competitor Orientation

• Competitive parity• Status quo pricing• Value is not part of this pricing strategy

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Page 17: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

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Focus on customer expectations by matching prices to customer expectations

Focus on customer expectations by matching prices to customer expectations

Customer Orientation

C Borland/PhotoLink/Getty Images Don Farrall/Getty Images

Page 18: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

What are they trying to accomplish with this ad?

http://www.zipcar.com/

Page 19: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

2nd C: Customers

Page 20: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Demand Curves and Pricing

Knowing demand curve enables to see

relationship between price and demand

Photo by Simon Frederick/Getty Images

Page 21: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Name the price?

$89.95

$199.95

$399.95

$799.95

$1795.95

$3795.95

http://www.woodlandcreekfurniture.com/graphics/SB04032.pdf

Page 22: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Demand Curves

Page 23: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Price Elasticity of Demand

©PhotoLink/Getty Images

Page 24: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Price Elasticity of Demand

©Dennis MacDonald/PhotoEdit, Inc. ©Bill Aron/PhotoEdit, Inc.

Page 25: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Factors Influencing Price Elasticity of Demand

Wal-Mart Commercial

Page 26: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Substitution Effect

• Meet Pete, college student on a budget:

• Old Spice Sport Deodorant user

• At the store he notices that Old Spice is more expensive

• Pete decides to give another brand a try and save money

BananaStock/JupiterImages

Page 27: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Cross-Price Elasticity

• Meet Kendra, self-supporting college student:

• Buys a new printer on sale for a great price

• Learns it requires special ink cartridges that cost more than the printer

Getty Images/Digital Vision

Page 28: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

3rd C: Costs

• Variable Costs– Vary with production volume

• Fixed Costs– Unaffected by production

volume

• Total Cost– Sum of variable and fixed

costs

Michael Rosenfeld/Stone/Getty Images

Page 29: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Break Even Analysis and Decision Making

BE Chart.xlsx

Page 30: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Break Even AnalysisTotal Variable Cost = Variable Cost per unit X Quantity

Total Cost = Fixed Cost + Total Variable CostTotal Revenue = Price X Quantity

Fixed CostsContribution per unit

Break-Even Point (units) =

Example: Fixed Cost = 100, Variable Cost = 2, Unit Price = 7

Contribution per unit = Unit Price – Variable Cost = 7 – 2 = 5

Break even Point = 100 / 5 = 20

Total revenue = 20 * 7 = 140 BE Chart.xlsx

Page 31: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

4th C: Competition

Subway Commercial

Page 32: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Wal-Mart vs. Target

Page 33: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

5th C: Channel Members

• Manufacturers, wholesalers and retailers can have different perspectives on pricing strategies

• Manufactures must protect against gray market transactions

Page 34: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Check Yourself

1. What are the five Cs of pricing?

2. Identify the four types of company objectives.

3. What is the difference between elastic versus inelastic demand?

4. How does one calculate the break-even point in units?

Page 35: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Macro Influences on Pricing

• The Internet• Increased price

sensitivity• Growth of online

auctions

Ryan McVay/Getty Images

Page 36: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

Economic Factors

Page 37: CHAPTER Day 19 BUS 222. Agenda Questions? Assignment 5 graded – 5 A’s, 6 B’s, 4 C’s and 2 F’s Assignment 6 Posted – Due April 19 @ 9:30 AM Quiz 4 Corrected

1. How have the Internet and economic factors affected the way people react to prices?

Check Yourself


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