In chapter 11 of Principles of marketing by Philip Kotler we talk about 7 price adjustment strategies in marketing. We will discuss everything you need to know about segmented pricing, discount and allowances, psychological, promotional, geographical, dynamic and international pricing. Depending on the situation the market is in, economically or other important aspects and also considering the stage of the product lifecycle the product is in, companies need to be ready to made adjustments to the prices of their products.
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Timestamps:
00:00 Introduction
2:37 Discounts and Allowances
4:47 Segmented Price
7:51 Psychological Pricing
10:43 Promotional Pricing
13:21 Geographical Pricing
7 Price Adjustment Strategies in Marketing | CH11 Principles of Marketing - Video Essentials
● The 7 types of price adjustment strategies in marketing are: discount and allowances, psychological, promotional, geographical, dynamic and international pricing.
● Discount means a straight reduction in price on purchases during a stated period of time or of larger quantities. Allowance means promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way.
● Psychological pricing is a pricing adjustment strategy that considers the psychology of prices and not simply the economics. The price is used to say something about the product.
● Promotional prices means Temporarily pricing the products below list price, and sometimes even below cost – to create buying excitement and urgency.
● Geographical pricing is setting prices for customers located in different parts of the country or world.
● Dynamic pricing is very much used in industries of retailers, airlines, and up to hotels and sports teams, who change their price considering the demand and competitor pricing. The price can be optimized on a daily, hourly or even continuous basis.
Mentioned Videos:
5 Product Mix Pricing Strategies - Pricing Strategies in Marketing | Marketing CH10: [ Ссылка ]
New Product Pricing Strategies Marketing - How To Find The Ideal Price For A Product: [ Ссылка ]
Chapter 11: Pricing Strategies | Principles of Marketing Philip Kotler: [ Ссылка ]
7 Price Adjustment Strategies in Marketing | CH11 Principles of Marketing: [ Ссылка ]
Chapter 10: Pricing and Based Pricing Strategies | Principles of Marketing Philip Kotler: [ Ссылка ]
Cost-Based Pricing (Cost Plus Pricing) - Major Pricing Strategies in Marketing: [ Ссылка ]
value based pricing: [ Ссылка ]
More Marketing Videos: [ Ссылка ]
More Corporate Communication Videos: [ Ссылка ]
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Reference Book: Principles of Marketing by Kotler and Armstrong, 16th Global Edition
( This is about: digital marketing, segmented pricing, 7 price adjustment strategies, price adjustment strategies in marketing, product price adjustment strategies)
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