This week we read chapter 18 in our MKTG book by Lamb, Hair
& McDaniel. The chapter was on
setting the right price. Our learning objectives where as follows
·
How to set a price on a product
·
The legality and ethics of price strategy
·
Tactics for fine-tuning the base price
o
Discounts, allowances, rebates and value-based
pricing
o
Geographic pricing
o
Other pricing tactics
o
Consumer penalties
This is how all of the above fit together, I love this
graphic it explains a great deal all in one little graphic.
·
Product line pricing
o
Relationship among products
o
Joint costs
·
Pricing during difficult economic times
o
Inflation
§
Cost oriented tactics
§
Demand-oriented tactics
o
Recession
This will be my last class post for Business 3500 (Marketing).
The class has been very informative and a good learning experience. It was the first broadcast class I have taken
with other students in the room with me; that was sure nice. The part of this
chapter I learned the most from was the fine-tuning the base line, this is
great knowledge that will come in handy when I go to price a product.
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