Pricing strategy has made increasing challenge for many companies, because of deregulation, information from the buyer, global competition is tight, slow market growth and opportunities to improve the company’s market position. Price impact on the financial performance of important and influential position in the value of the brand in the minds of customers. Price is also possible to be a representative measure of the quality of products when customers are difficult to evaluate the product compound.
In the process of pricing and selling a product, companies should follow the procedures consisting of six basic steps, namely selecting the target price, determine the demand, the cost estimate, analyze competitors, price and select the method of selecting the end of the price.
The first step is to select the target price, such as survival, the maximum short-term profits, sales volume, market demand, winning in the market, competition, prestige or status quo. The company aims to survive will try to lower the price. Profit is not as big, over the price can cover variable costs and some fixed costs. Target is only for the short term and long-term expected in the company
Profit is the maximum estimate made by the company’s request and cost associated with alternative prices and choose the price that now generate maximum profit, cash flow or return on investment (ROI). This strategy can be done with that request and the cost can be known, but in fact it is estimated that difficult. This strategy ignores the long-term performance, ignoring the effects of variable mixture of marketing, competitor reactions and legal constraints on the price.
Goal-oriented in the volume of sales made by companies set prices in such a way to increase sales volume. Company assume that the volume of sales that will generate higher per unit cost of lower profit and higher long-term and assume that the market is sensitive to price.
Targets in winning market share is done by increasing or maintaining market share without taking into account the fluctuations in sales in the industry. Target winning market share in the company often used for products that reach the adult stage in the life cycle of products.
Target market demand and pricing, which is associated with customer expectations and the purchase of a special situation. Target is often known as the “price to give what the market will”.
Target price competition designed to rival or outdo the price of competitors. The aim is to maintain the perception of good value relative to competitors. Tempo Scan Bodrex set the price so that it can compete with competitors.
Target prestige done with the design consistent with the price of a product that has a high status or prestige. The price was designed with little attention cost structures or competitors.
Targets of the status quo is the target price set to keep the price of existing business in memepertahankan position relative to competitors.
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