Pricing understanding and capturing customer value - What Is a Price?
6 important questions on Pricing understanding and capturing customer value - What Is a Price?
What is the economic value to a customer?
What is the difference between an internal reference price and external reference price?
The external reference price is a comparison price provided by others.
In the context of price, buyers can be characterized by value conscious, price conscious and prestige-sensitive. What's the difference?
Price conscious --> those concerned about price. They strive for low prices.
Prestige-sensitive --> individuals drawn to products that signify prominence and status.
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When talking about discounts, we distinguish trade discounts or business pricing, quantity discounts, cash discounts, season discounts and allowances. What's the difference?
- Quantity discounts; reduction of list price that reflects the economies of purchasing large quantities.
- Cash discounts; reduction given to a buyer for payment in cash.
- Seasonal discounts; price reduction given to buyers because they buy out of season.
- Allowances; concession in price to achieve a desired goal.
What is geographic pricing and what is uniform geographic pricing?
Uniform geographic pricing is the same price that is charged to all the customers regardless of location.
What is the difference between differential pricing and product line pricing?
Product line; adjust pricing in such a way it maximizes profit for the entire line. E.g. Low price for ticket, but high prices for drinks.
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