Pricing Decisions Abstract Article 1 is based on the study of pricing practices and policies by small business owners/managers in northeast Louisiana. Article 2 relates to examination of the success of pricing practices of a new product and the conditions upon which contingency of success lies…
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Article 5 aims to find out the methods of setting prices which are dominating Slovenian business practice. Introduction The articles deal with the pricing practices and strategies in various businesses. As stated in article 1, the businesses and consumers have perfect knowledge of the marketplace but actually they lack the perfect knowledge. This makes the establishment of a pricing policy necessary. Article 2 is based on examining pricing for new product price decisions. It is basically the study of the three pricing practices with respect to competition, costs, and customer value. Article 3 states that products have been divided into four categories such as specialty, preference, convenience, and shopping. The research in this article is basically on the pricing strategy for the various product categories. The relevant strategy was selected as per the literature of the paper that is penetration and skimming strategy. Article 4 deals with the pricing of a short license for software service. Earlier, firms in this industry used to do the pricing based on the usage of resources. As computer hardware became fast and cheap the business model remained no more significant. With the recent spread of complex enterprise software, the cost of software maintenance and deployment has increased again. Therefore, the pricing scheme had been termed as subscription pricing. Article 5 states that pricing is not the most important but is just one of the elements of marketing mix. Inspite, managers complain quite often about the problems and pressures arising due to pricing of competitors, it is stated in the article that pricing is rarely a problem. It states that pricing should be such that the perceived value of the product or service should supersede the perceived price. Importance of the study Article 1 focuses on determining whether small firms use the same established economic principles that economists rely on while explaining the behavior of large firms with regards to pricing strategies and objectives. The study basically is conducted in order to determine whether the economic principles are appropriate for small businesses or not. Article 2 is significant because it deals with the aspects of new product pricing practices. The research paper assesses the ways pricing can be done for a new product. It is important from the perspective of a manager as its becoming difficult for managers to analyze the correct price for the value they are providing to their consumers. Article 3 deals with the aspects of pricing of various product categories which could help attain the corporate objectives of the firm. It is important because pricing should be done on the use of the product. The product category such as convenience products cannot be priced higher as because of the presence of many low cost producer firms in the industry. The research is ideal for serving as a starting point for a developing a framework of corporate objectives, pricing strategies, and product categories. Article 4 is important because it is related to software pricing. The pricing strategy the researchers are focusing on is basically usage-based pricing wherein the firms will be able to acquire low usage consumers as they do not have to pay more than they use. Article 5 is important as the research is on pricing based on cost or customer. Literature Review Paper 1 In the year 2011, Dunn et.al conducted a study on “
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The Maniac Plc deals with the sale and production of normal electrical goods. A full evaluation of costing requirements has conducted by the organization to recognize those regions which have not met financial plan expectations. The models and concepts which affect the pricing decisions of a firm are management accounting decisions.
This paper will discuss different economic approaches for Aslan communications’ price setting, and identify factors that may limit the firm’s choice in pricing decisions. The economic approaches consider elements such as demand, elasticity, cost, oligopolistic behaviour, market structure, product differentiation, and innovation management while setting price for a product.
Horngren, et al (1996:428), buttresses this point by stating that managers are frequently faced with decisions on pricing and profitability of their products”. The strategy of the management with reference to particular situation plays an important role though cost considerations are fundamental to the decision making.
The researcher states that the Ford Escort was either a two-door hatchback or a four-door wagon equipped with a front-wheel drive. Other features included an independent suspension system, rack and pinion steering and a four-cylinder engine. On the other hand, Lexus is regarded as a luxury car. It is manufactured by Toyota Motor Corporation.
Pricing strategy 9 7. SWOT 10 8. Conclusion and Recommendations 11 References 13 1.Executive summary The development of successful marketing strategies can be characterized as a challenging task especially during periods of strong market turbulences. Marketers can ensure that their plans will be welcomed by the public/ target market by emphasizing on the local needs of customers without violating ethics.
The agony is attributed to the fact that there are numerous variables and factors to be considered before arriving at a pricing decision. The underlying five articles seek to substantiate the efficacy of certain practical models used in actual context as tools for making pricing decisions.
Evidently, national concentration does increase profitability, but only in geographically dispersed industries, suggesting that regional markets are an important source of market power for oligopolistic industries. It proves that the effects of market structure are persistent in the long run.
The author of the paper will mention three alternative courses of actions with their pros and cons. The main problem that the team faced was the pricing of the tickets for the matches. The team wanted to maximize their revenues in the minor leagues for which they had to price the tickets very carefully.
et structure of a firm in a given industry influences the way the company conducts business and how pricing strategies and how to obtain the quantity supplied. However, pricing strategy and quantity supplied all affects profit maximization for the firm (Besanko, et al. 2011 p.,
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