Strauss5eIM11.docx
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Strauss5eIM11.docx
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Strauss5eIM11
Chapter11:
Price:
TheOnlineValue
LearningObjectives(PPT11-2)
TheInternetChangesPricingStrategies
Pricecanbetheamountofmoneychargedforaproductorservice,orthesumofallvalues(money,time,energy,andpsychiccost)thatbuyersexchangefortheseproductsorservices.Fixedpricestrategiessuggestedthatonepricebechargedtoallcustomers,buttheadventoftheInternethasbroughtaboutdynamicpricing,whichvariespricesforconsumers.TheInternethascreatedpricetransparencythatallowsbothbuyersandsellerstoviewallcompetitiveprices.
BuyerandSellerPerspective
Themeaningofpricedependsontheviewpointofthebuyerandtheselleraseachpartymayhaveadifferingopinionastowhatconstitutesafairprice
BuyerView
Value=benefits–cost.Cost=money,time,energy,andpsychiccosts.
TheRealCosts–BuyingontheInternetcanbothincreaseanddecreaseoverallcosts.TheInternetisfarfromperfect,butasbandwidthincreasessomeofthesecostswilldecline.Onlinecostsavingscomefromconvenience,speed,self-service,one-stopshopping,integration,andautomation
BuyerControl–Thepowerhasshiftedfromsellerstobuyers,whichisevidentinreverseauctions.Reverseauctionsallowbuyerstoenterapriceandsellersdecideiftheyarewillingtoacceptthatprice.Buyerpowerisbasedonnegotiationabilitiesandtheamountofinformationavailabletobuyers.
SellerView
Betweencostandpriceisprofit,whichiswhatallsellerswantandneed.Theseller’sperspectiveonpricingincludesbothinternalandexternalfactorsaffectingpricinglevels.
InternalFactors:
PricingObjectives–Profit-orientedobjectivesareforprofitmaximization,focusingoncurrentresults,notlongterm.Market-orientedobjectivesseektobuildacustomerbasethathopetolowercostsandincreaselong-runprofits.Competition-basedpricingissettingpricesaccordingtowhatcompetitorscharge.
InternalFactors:
MarketingMixStrategy–Successfulcompaniesuseanintegratedandconsistentmarketingmixstrategy.TheInternetisonlyonesaleschannelandmustbeusedinconcertwithothermarketingmixelements.
InternalFactors:
InformationTechnologyAffectsCosts–InformationTechnologycanbeexpensive,butonceitisrunningsmoothlyitcancreatetremendouscostefficiencies
TheInternetPutsUpwardPressureonPrices–FactorsinInternetpricinginclude:
onlinecustomerservice,distribution,affiliateprograms,sitedevelopmentandmaintenance,andcustomeracquisitioncosts(CAC).
TheInternetPutsDownwardPressureonPrices–WayInternetfirmssavemoneyforinternalprocesses:
orderprocessing(self-service),just-in-timeinventory,lowornooverhead,customerservice,printingandmailing,anddigitalproductdistributioncosts.
ExternalFactorsAffectingOnlinePricing–Thecompetition,marketfactors,price-demandrelationship,andcustomerbehavioraffectonlineandofflinepricingstrategies.
MarketStructure–Economistsrecognizefourtypesofmarketspresentingdifferentpricingchallenges:
purecompetition,monopolisticcompetition,oligopolisticcompetition,andpuremonopoly.
EfficientMarkets–Efficientmarketcharacteristicsinclude:
highpriceelasticity,frequentpricechanges,smallerpricechanges,andnarrowpricedispersions.TheInternetdisplaysallofthesetraits,butdoesthatmakeitanefficientmarket?
IstheNetanEfficientMarket?
–Someexternal,marketfactorsthatplacedownwardpressureare:
shoppingagents,highpriceelasticity,reverseauctions,tax-freezones,venturecapital,competition,frequentpricechanges,andsmallerpricechangeincrements.
IstheNetandInefficientMarket?
–NarrowpricedispersionsuggeststheNetisaninefficientmarket.Otherfactorsinclude:
branding,howgoodsarepricedonline,deliveryoptions,time-sensitiveshoppers,differentiation,switchingcosts,andsecondgenerationshoppingagents.
PaymentOptions
Electronicmoney,ordigitalcash,isasystemthatusestheinternetandcomputerstoexchangepaymentselectronically.Currently,technologiesallowforpaymentsbysmartchipsinsertedintoacellphonethatcanbeusedwithavendingmachineorPOSsystem.
PricingStrategies
Althoughpricesettingisfullofcontradictions,expertsbelievedthatithasbecomenearlyasmuchartasscience.Marketersgenerallyemployalltraditionalpricingstrategiestotheonlineenvironment:
fixedpricing,dynamicpricing,andbarter
FixedPricing
Fixedpricing(alsocalledmenupricing)isatake-it-or-leave-itpricingstrategy.Twocommonlyusedfixedpricingstrategiesusedonlinearepriceleadershipandpromotionalpricing.
DynamicPricing
Dynamicpricingisthestrategyofofferingdifferentpricestodifferentcustomers.Unlikefixedpricing,dynamicpricingcanbeinitiatedbythecustomer.Thetwotypesofdynamicpricingaresegmentedpricingandnegotiation.
SegmentedPricing–Thefirmsetpricinglevelsforsegmentsofcustomersandusesdecisionmakingsoftwaretodeterminewhogetswhatprice.
GeographicSegmentPricing–Afirmsetsdifferentpriceswhensellingaproductindifferentgeographicareas
ValueSegmentPricing–thevaluesegmentpricingstrategyrecognizesthe80/20principle(Paretoprinciple)thatstatesthat80%ofafirm’sbusinesscomesfrom20%ofthecustomerbase.This20%tendtobethemostloyalandmostlikelytoadvocateotherbusiness,sotheydeserverecognitionandspecialattention.
NegotiatedPricing–Thepriceissetmorethanonceinaback-and-forthdiscussion.TheNetischangingtheartofnegotiation,evidentinthepopularityandgrowthofonlineauctions.
RentingSoftware
Manyorganizationsthatrequiretheuseofsoftwareforaspecificorshort-termprojectprefertorentthesoftwareinlieuofpurchasingthesoftware.
ChapterSummary
Priceistheamountofmoneychargedforaproductorservice.Morebroadly,itcoversthesumofallthevalues(suchasmoney,time,energy,andpsychiccost)thatbuyersexchangeforthebenefitsofhavingorusingagoodorservice.Fixedpricereferstoonepricesetforallbuyers.Dynamicpricingmeansvaryingpricesforindividualcustomers.Internettechnologyhaspromptedmasscustomizationandareturntodynamicpricing–especiallynegotiationandpricingforsegmentsassmallasasinglebuyer.Thisiscreatinghugeopportunitiesformarketerstooptimizepricingstrategies,includingchangingthemdailyormoreoften.However,theInternetisalsofacilitatingpricetransparency,theideathatbothbuyersandsellerscanviewallcompetitivepricesforitemssoldonline.
Fromthebuyer’sperspective,thecostofaproductpurchasedonlinemaybehigherthanoffline(duetoseeminglyhiddenelementssuchasshippingcostsandthetimeandeffortneededtosearchoutandcompareprices.)YetbuyersmayalsoenjoyonlinecostsavingsduetotheInternet’sconvenience,speed,self-servicecapability,one-stopshopping,integration,andautomation.Moreover,onlinebuyershavemorecontrolthroughstrategiessuchasreverseauctions,theavailabilityofinformationandproducts,andnegotiationopportunities.
Fromtheseller’sperspective,anypriceabovethecostofproducingthegoodorservicehasthepotentialtoreturnprofit.Theseller’sperspectiveonpricingcoversinternalfactorssuchaspricingobjectives,themarketingmixstrategy,andinformationtechnology.Beyondthebuyer’sperspective,themarketstructureandtheefficiencyofthemarketarekeyexternalelementsaffectingonlinepricing.
Amarketisefficientwhencustomershaveequalaccesstoinformationaboutproducts,prices,anddistribution.Efficientmarketsarecharacterizedbylowerprices,highpriceelasticity,frequentandsmallerpricechanges,andnarrowpricedispersion.TheWebexhibitsmanycharacteristicsofanefficientmarketexceptnarrowpricedispersion.BecausetheInternetcouldbecomeamoreefficientmarketinthefuture,marketersthatwanttomaintaincontroloverpricingshoulddifferentiatetheirproductsonbasesotherthanprice,createuniqueproductbundlesofbenefits,andconsidertheroleofcustomerperceptionsofvaluewhendeterminingpricinglevels.
ChapterOutline
OpeningVignette:
TheVideoEggStory(PPT11-3,11-4)
Havetheclassreadtheopeningvignetteon.Videoegghasrevolutionizedtheonlineadvertisingagebyprovidingsocialnetworkingsitesthetechnologynecessaryforsocialnetworkingsitestoprovideadvertisingvehicleswithinthevideosthemselves.Onequestionthathasbeenraisedisthefreedomofinformationactortherightstointellectualproperty.Discussasaclasshowinsertinganadvertisementintosomeone’spersonalvideomightinfringeontheintellectualpropertyaspectofthistypeofdigitalfilesharing.Whyorwhynotmightthisbeconsideredfreeinformationaccordingtothefreedomofinformationact?
I.TheInternetChangesPricingStrategies(PPT11-5)
Inthenarrowestsense,priceistheamountofmoneychargedforaproductorservice.Morebroadly,priceisthesumofallthevalues(suchasmoney,time,energy,andpsychiccost)thatbuyersexchangeforthebenefitsofhavingorusingagoodorservice
A.FixedPricing–onepriceforall
B.DynamicPricing–varyingpricesforindividualcustomers
C.PriceTransparency–theInternetallowsofallbuyersandconsumerstoseecompetitiveprices.
II.BuyerandSellerPerspectives
Themeaningofpricedependsontheviewpointofthebuyerandtheseller.Eachpartytotheexchangebringsdifferentneedsandobjectivesthathelpdescribeafairprice.
A.BuyerView–buyersdefined:
value=benefits–costs(PPT11-6)
1.RealCosts–TheInternetisfarfrom
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