Market-Oriented Pricing: Strategies for Management

By Michael H. Morris; Gene Morris | Go to book overview

They are both a determinant and a reflection of value. Further, prices are a variable component of the firm's overall marketing efforts. By identifying and managing the many variable dimensions of an item's price, the firm is in a much better position to charge an amount consistent with the value customers seek.

In the chapters to come we will investigate the major considerations to be taken into account in value-based pricing. We begin with an examination of the components of a strategic pricing program (chapter 2). Following this are three chapters devoted to different aspects of customer evaluation. In chapter 3, the concept of elasticity, or price sensitivity, is introduced. Next, chapter 4 examines psychological aspects of pricing. Chapter 5 focuses on the process of negotiating prices with customers. Cost analysis is then investigated, but again from a market-oriented vantage point. This is the thrust of chapter 6. We then turn to the role of market structure and competitor analysis when determining prices (chapter 7). Given that price decisions are typically made by a company for entire sets of products, chapter 8 provides an assessment of the issues to be considered in product-line pricing. The underlying legal implications of creative pricing programs are reviewed in chapter 9. Finally, chapter 10 presents an evaluation of ways in which computers can serve the pricing manager.


REFERENCES

Groocock, J. M., The Chain of Quality. New York: John Wiley and Sons, 1986.

Porter, M. E., Competitive Advantage. New York: Free Press, 1985.

Zeithaml, V. A., "Defining and Relating Price, Perceived Quality, and Perceived Value." Report No. 87-101. Cambridge, Mass: Marketing Science Institute, June 1987.

-17-

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Market-Oriented Pricing: Strategies for Management
Table of contents

Table of contents

  • Recent Titles from Quorum Books ii
  • Title Page iii
  • Contents vii
  • Illustrations xi
  • Foreword xv
  • Preface xvii
  • 1 - Introduction: Price as a Statement of Value 1
  • References 17
  • 2 - Developing Pricing Programs 19
  • References 37
  • 3 - Understanding and Using Elasticity 39
  • References 54
  • 4 - The Psychology of Pricing 55
  • References 69
  • 5 - Negotiating Prices with Customers 71
  • Summary 85
  • References 86
  • 6 - Examining Costs from a Market Perspective 87
  • Summary 104
  • 7 - Industry and Competitor Analysis 107
  • References 124
  • 8 - Pricing across the Product Line 125
  • Summary 141
  • References 142
  • 9 - Legal and Ethical Aspects of Pricing Decisions 143
  • References 161
  • 10 - Computers as an Aid in Pricing 163
  • References 189
  • Suggested Readings 191
  • Index 197
  • About the Authors 201
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