Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Pricing Strategies including Market Skimming, Penetration Pricing, Economy, Premium Pricing, Bundling, Loss Leaders. Pricing Strategies for Retailers (contd) Sale Rack Shuffle clothing company makes a dress for $50 Sells dress to retailer at $80 Retailer marks dress up to $200 If unsold after 8 12 weeks, marks down by 25% to $150 If still unsold, marks down further until it does. When thinking how to price your product one of the most important things to consider is that pricing your product to be cheaper than all your competition is not usually a very good idea. There is a very strong case for charging more than your competitor does, especially if your product or service stands out (and it should). If you sold a Citizen watch every day of the year and made $20 profit on each, or you just sold one Rolex a year for $25,000 at the same percentage profit you would still make more money selling the Rolex.
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In days gone by setting your selling price was quite straightforward; you decided how much profit you wanted to make on an item, and simply added it on to your cost price.


Apart from any other consideration, do you really want to be the lowest paid business owner in your niche? A higher price will automatically equate with better quality in the customer’s mind and they may well be prepared to pay the extra. There are plenty of people out there who have a lot of money to spend, even in the present economy, and they will quite happily pay a LOT of money for a really top-quality product. There are many others and if you start thinking creatively you can make extra profits from selling the same products.
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They might even look at your lower price and think that there must be something wrong with the product or that it is poor quality simply because you are charging less.
The baker charges much more for his bread than the supermarket yet he sells out every single day. How often do you need two batteries yet find you have to buy four because that\’s how they are packed? However, if you take nothing else away from this remember that, unless you can guarantee to sell a huge bulk, selling cheaper than everyone else is just going to make you the poorest businessman in your niche.
Yet many businesses think that if their price is the lowest they will automatically attract the most business.


So not only does your competitor get more business, he makes more profit on each individual sale especially if your cost price and his are the same.
How many Philippe Patek and Rolex watches are sold every day – many of them costing upwards of $20,000?
This would be the difference between getting them in for half price or not getting them in at all. So if the profit was to be 50% and the cost price was $8 then the selling price was automatically $12.
This could be true and yet you could still finish up earning way less than your competitors. Provided your cinema was not going to be full in any case, if you get them in for half price you have made extra money that you would not have had otherwise. Maybe offer six bottles of wine for the price of five; your customers were only going to buy one or two bottles but now you sell six.
My local supermarket has a permanent offer of 5% discount when you buy six bottles of wine.



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