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In the longter term, consumer responsea€”such as purchase rates and beliefs held about the branda€”can be assessed in more detail. Many foods also spread as some groups of consumers a€?imitatea€? others they see consuming them, and some are encouraged to try new foods based on word-of-mouth communication.
Yet for many B2B marketers, the pricing strategy in their marketing plan is challenging to write; many aren’t even involved in creating their pricing strategy. There are many factors to consider when developing your pricing strategy, both short- and long-term.
Note: You can access guided pricing strategy templates and step-by-step instructions for writing the pricing strategy section of your marketing plan in our marketing planning and management app. When you offer a truly unique product or service with little direct competition, it can be challenging to establish your price.
When your price, value proposition and positioning are aligned, you’re in the best situation to maximize revenue and profits.
Company C regularly evaluates their competitors’ prices to make sure they’re delivering on their promise. However, if there isn’t a strong market for prestige, this strategy may be the best one for the company long-term.
If Company B charges a premium price for an average product, they’ll have a very difficult time generating interest in their it. Yet Company B may be able to implement a small price increase to raise revenue and profits; it depends how much more its customers are willing to spend. By analyzing price sensitivity and testing different prices, they can evaluate the strength and potential of this new strategy. If Company C’s prices rise in relation to those of their competitors, sales will plummet – their market is shopping on price, not factors like product leadership or customer intimacy. If Company C cannot maintain its operational efficiency and cost leadership, it will need to develop new products or markets for its existing product.
Their pricing is typically 15% above the competition – they’re the most expensive product in their class. Their demand curve is relatively inelastic, meaning that their market isn’t that sensitive to price. Much of that results from the carefully selected positioning and branding over the past five years. When they’re behind their sales targets, individual reps are given the green light to discount if needed to meet their sales quotas. Management doesn’t want to get in a price war, but is willing to ensure that they hit their short-term numbers.
Management knows that they could spend more in R&D to differentiate their offering and have greater pricing power, but they haven’t yet committed the budget to do so.
The quality of their offering suffers, and they end up providing mediocre service for both markets. By lowering the price of their “prestige” brand to access a new market, Company C has increased its revenue, while reducing its profit margin and damaging its brand. Create a free account in our marketing planning and management web app for step-by-step guidance. It’s best to define your positioning, create your brand strategy, and identify your distribution channels before you develop your pricing strategy in the marketing plan.


For example, if your method for delivering value is product leadership, you shouldn’t discount heavily or compete on price; you should also minimize pricing conflicts with any channel partners.
Your price sends a strong message to your market – it needs to be consistent with the value you’re delivering.
If your value proposition is operational efficiency, then your price needs to be extremely competitive. If your value proposition is product leadership or customer intimacy, a low price sends the wrong message. Estimate how sensitive your customers are to fluctuations – it will help you determine the right price and volume combination. Once you’ve finalized your pricing strategy in the marketing plan, it’s time to design your marketing campaigns. The Marketing MO planning app is your behind-the-scenes Chief Marketing Officer, a comprehensive resource that will improve your overall business, whether it’s a consulting practice, start up, or mid-size company. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Clipping is a handy way to collect and organize the most important slides from a presentation. The promotional activities needed for a given product will depend on factors such as its current stage in the product life cycle. Some strategies may seem brilliant may, under stricter analysis, may be recognized as unrealistic.
The next test is then whether this consumer responsea€”such as improved attitudesa€”actually results in increased market share or higher profits. Some food products have great potential for sales growth through expansion of the customer base. Learn how to set up, manage and improve your distribution channels with this detailed how-to guide from the experts at Marketing MO. Their consultants come from top schools, and they work with Fortune 100 clients to implement complex, large-scale projects. Their clients are buying the best expertise they can find, and they’re less sensitive to price because they care most about getting top talent. There’s a lot of competition and their product is only slightly better than the alternatives. They regularly review the market, run promotions, and adjust prices to maintain their competitive position.
Their value proposition is operational excellence and they consistently deliver the same product at a better price. They hire more consultants, but since they’re charging less per hour, they can’t afford the same top-tier talent. By doing so, you’ll ensure that your pricing reflects your value and reinforces your brand.
If you’re perceived as a commodity, you must either change the market’s perception via a new positioning strategy, or compete on price and focus on innovating to keep costs low so you can still make a profit. You’ll be far more effective when considering discount promotions – you’ll know exactly how low you can go and still be profitable.
If your value proposition is operational efficiency, evaluate your competitors on a regular basis to ensure that you’re continually competitive.


When tackling any new marketing task, have confidence that we have your back – with the structure and detail you need to get things done right. Few consumers today are aware of the prickly pear, however, but farmers who grow this cactus plant would like to market it as a way to decrease a€?bad,a€? low-density cholesterol without reducing a€?good,a€? high density cholesterol levels.
For prickly pear growers, simply getting more people to know that their product exists will be a challenge. These objectives need to be reasonably specific and manageable; thus, merely saying that the goal is to maximize profit is not enough.
Improving quality, for example, might be achieved either by increased research and development, the use of higher quality materials, or by investing in new manufacturing technology. Even a successful strategy must be frequently re-evaluated to address changing market conditions such as change in competitor strategies, costs of materials, or changes in consumer tastes. If they’re extremely sensitive, you may be better off at a much lower price with substantially greater volume. You can send these slides to your personal contacts who might be interested in Business Diagrams.
Once more people know, a significant challenge is going to get more people to actually try the product. The most appropriate choice will depend on factors such as cost and effectiveness, but may also depend on risk. This strategy appears to have been used in marketing the Hot PocketsA® convenience products. This may be difficult to accomplish because of the high cost of the product and the vast number of choices of other products that consumers can consume. There may be a new technology that, if it can be perfected, would represent a large breakthrough but also carries a risk that it will not work. A firm might like to reduce costs, improve quality, increase distribution channels, increase awareness, and improve consumer percpetion of the product at the same time. A larger firm may be able to shoulder such a s risk but for a smaller firm, the risk may be prohibitive. If a product category catches on, emphasis may then need to switch to brand differentiation and the firm may need to work on getting consumers to hold favorable beliefs about their brand. However, some of these objectives, such as reducing cost and improving quality at the same time, may not be compatible. Note that as a strategy is considered and potential complicatons arise, it may be necessary to reassess appropriate objectives. In later stages of the product life cycle, where most consumersa€™ opinions have largely been set, temporary sales increases, usually through price promotions, may be the only realistic objective. The firm may also not have the resources to pursue all the other objectives at the same time.



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