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Pricing is not always seen as a strategic process. Greg Cudahy of Accenture observed in 2007 that for some businesses, "pricing is the last bastion of gut feel". [1] Where pricing is strategic, marketers develop an overall pricing strategy which is consistent with the organization's mission and values.
The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention or any sacrifices consumers make in order to acquire a product or service. The price is the cost that a consumer pays for a product—monetary or not. Methods of setting prices are in the domain of pricing science. [61]
A value chain is a progression of activities that a business or firm performs in order to deliver goods and services of value to an end customer.The concept comes from the field of business management and was first described by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.
In marketing, a company’s value proposition is the full mix of benefits or economic value which it promises to deliver to the current and future customers (i.e., a market segment) who will buy their products and/or services. [1] [2] It is part of a company's overall marketing strategy which differentiates its brand and fully positions it in ...
Price may also be a consumer's expectation for getting a certain product (e.g. time or effort). Price is the only variable that has implications for revenue. Price is the only part of the marketing mix that talks about the value for the firm. Price also includes considerations of customer perceived value. Price strategy; Price tactics; Price ...
Companies do their pricing in diverse ways. In small companies, prices are often set by the boss. In large companies, pricing is handled by division and the product line managers. In industries where pricing is a key influence, pricing departments are set to support others in determining suitable prices.
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The concept of a social price may be more important for service marketers. A social price refers to "non financial aspects of price". Fine identifies four types of social price: Time, Effort, Lifestyle and Psyche. [48] In effect, this means that consumers may be more acutely aware of the opportunity costs associated with the consumption of a ...