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Strategic Marketing Science provides nine different strategies for Pricing based on product quality (see below).
The reality is sometimes Strategic Pricing is contextual to competitive pricing or other uncontrollable factors. Organisational resources, marketing effort, and budget also play in selecting the best Pricing Strategy. Advanced pricing strategy is about advanced marketing management: Real-time, for each individual segment! Value-based pricing uses buyers’ perceptions of value, not the seller’s cost, as the key to pricing. For many industrial products, the costs perceived by customers extend well beyond the price charged. An industrial purchaser perceives the cost of equipment as including installation, maintenance, training and use of consumables, as well as the basic purchase price. Equipment purchases are evaluated over their economic lives and comparisons between competitors go beyond straight price assessment. The company bases its price largely on competitors’ prices, with less attention paid to its own costs or demand. In oligopolistic industries that sell a commodity such as steel, paper or fertiliser, companies normally charge the same price. The smaller firms follow the leader: they change their prices when the market leader’s prices change, rather than when their own demand or cost changes. If you have read this far, you are probably ready to engage a pricing strategy marketing consultant. Remember, "Procrastination is the thief of time" and the sooner you act, the sooner you'll achieve your goals! My initial blog on pricing strategy, ‘How To Set Prices To Seriously Increase Profit,’ was written to identify pricing as an under-utilized tool to drive your company’s bottom line.
While there is recognition that market focused options are more effective in building longer-term profitability,  >80 per cent of companies continue to price their products or services primarily on the basis of costs or competitive prices. With Customer Based Pricing (sometimes referred to as Value Based Pricing), the seller makes decisions based on the estimated value of the product or service from the customer’s perspective. Well, let’s be honest, we’ll never know exactly what a given customer is willing to pay, but we can use experience and research to estimate what they are prepared to pay. Experience – If you’ve been doing this for a while, you’ve gathered a lot of data about your market. The more you are able to apply your experience, the greater your ability to understand your customer’s willingness to pay.
Simulation exercises in which customer price sensitivity, competitor reactions and other factors are considered. As you move into Customer Based Pricing, companies must fully understand the customer, their motivations, and what they value. However, there are weaknesses to this pricing strategy, both for today’s ‘deal’ and for tomorrow’s ‘relationship’. This approach can alienate those customers who pay more; it can be viewed as discriminatory.
Customer Based Pricing can also lead to internal conflict between sales people (especially commissioned sales people) and other groups within the selling organization.

Boardroom Metrics Marketing Consultants provide strategy and execution solutions for your inbound and outbound marketing objectives; including social media, branding, pricing and advertising. Choosing a clear price positioning strategy for your base rate will help strengthen your value perception to consumers. Every month this year, we'll be giving away a Premium Membership to one lucky person that leaves a comment about our strategies. Editor's Note:  Retail Intelligence Company, Upstream Commerce, welcomes pricing strategist, data analyst, and pricing processes expert, Scott R.
Scott Francis is the President of Strategic Pricing Solutions, a management-consulting firm helping clients with pricing strategies, data analytics, and pricing processes. Upstream Commerce, a pioneer in pricing intelligence, provides online retailers with a next-generation pricing monitoring solution that enables them to price more competitively, boost sales and increase profit margins.
In this blog, we discuss ideas, techniques and strategies to compete more effectively in the extremely competitive world of online retail. Just email us by clicking this button, or fill out this form and a consultant will get back to you ASAP.
Since pricing is a complex issue for many organizations, I decided to write a series of posts regarding different types of pricing strategies, moving along a continuum from the simple to the more complex. Since this will likely result in variable pricing by customer or customer segment, this approach should deliver the maximum amount a company can charge for its product or service. In addition to tracking a variety of inputs, you’ve likely segmented the market by product, customer and competitor.
How will they use the product, how do they segment their business, is this a strategic purchase or merely a tactical buy? If your customer suspects price discrimination, he will become more aggressive to secure a lower price. A buyer who understands that pricing will be set on perceived willingness to pay has no incentive to appear attracted to the sellers product or value proposal. For example, in situations where there is aggressive negotiation, the salesperson may be inclined to offset the volume risk through price concessions.
While willingness to pay will differ between customers, it may also differ within the same customer in diverse situations…. While this approach will theoretically maximize volume and profit, it’s important to develop and resource an ongoing process to gather, interpret and apply data. If you have a specific issue or question related to my expertise I am happy to share my thoughts with you. Again something we have looked at or might remember from back in the days during marketing class but probably never used again. Your superior room type will be sold at a rate close to the first available rates of your competition. Francis, as our newest guest contributor:    Objectives of any sales promotion include moving certain merchandise, getting buyers into the store who might not otherwise shop there (physically or electronically), and selling some regular-priced merchandise along with the promotional items.
We explore issues such as competitive retail & ecommerce pricing, competitive pricing, and competitive monitoring in general, as well as how to drive sales and best practices for online retailers. The company’s cloud-based solutions are purpose-built to simplify and streamline – on a massive scale – the complex data gathering, matching and processing required for actionable retail intelligence.
Is it a component of a commodity product they make, or a small element of a value added item they produce?

Simply fill out the information below including when you would like to talk and we will make it happen. It is vital though to understanding and communication your hotel pricing strategy and positioning.
Since customers have several options no matter what they are buying, getting the customer's attention with the correct retail pricing strategies is critical. In addition, advanced analytics build and test business scenarios, enable dynamic pricing and provide rich insights throughout the lifecycle of every product and category.
They may withhold important information, appear negative and comparison shop more aggressively. The selling organization needs to be committed to Customer Based Pricing, including the principle of ongoing research. Do you take into account your positioning and value offer when deciding of your daily rates? Think in terms of roomtypes with better facilities or specific features, and additional amenities. Can the consumers clearly understand the reasons that they would pay more staying in your hotel? Large, unexpected discounts will get their attention, but when those discounts are expected rather than unexpected, will they achieve the objectives of the promotion?If you've ever bought something online from a retailer or given a retailer your email address, then you'll occasionally (frequently?) receive email offers.
This kind of negotiation leads to a transactional approach versus the development of a long-term partnership. I get them every day, but the tone of the emails can vary substantially: Some emails highlight new products, some offer free shipping, and some offer modest discounts, but a few retailers regularly offer huge discounts (of more than 50%). There is ample evidence in behavioral economics that customers like and will respond to discounts. However, retailers need to be careful they don’t end up with lower sales and lower margins by using a high-price, big discount strategy. So a relatively high price signals a relatively high quality, and the big discount says it is a bargain right now. But when the regular price is very high for the retailer’s target market, and the discounted price is comparable to net prices at the retailer’s competitors, the attention will not last forever. Retailers who run huge promotions weekly will find, much like JC Penney, their customers become conditioned to those promotions and stop buying regular-priced merchandise.The Problem With Price Addiction?
A couple other retailers who appear similarly addicted, but perhaps handling it better are Jos. Bank ads on TV nearly every morning during my workout: “Buy 1 Get 3 Free”, or “60% Off!” and I see their ads all over the Internet.
How do our prices at 50% off compare to our main competitor's most common prices, which may also be 50% off?2.
Do our list prices accurately reflect the differences in quality between our products and our competitors?

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