Pricing of Products & Services - by Tridib Mazumbar (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br>The price of a product or a service is a critical element of the marketing mix. If priced too low, product sales may go up, but the product margin suffers; priced too high, customers look for other alternatives and sales may decline. Despite the critical role price plays in influencing corporate revenue and profit growths, formal training of the pricing function is often missing from business school curriculum. This book provides business students as well as managers necessary tools to make profitable pricing decisions under a variety of real-life contexts current and emerging. It offers a balance of theory, applications, and analytics to achieve the goal of arriving at appropriate pricing decisions in a competitive and changing business environment. The book begins with a framework for pricing decision and utilizes short cases and numerical illustrations to demonstrate how customer valuation, cost, and competition are triangulated to arrive at a feasible price range for a new or an existing product. Theories from economics and psychology provide conceptual foundations for price customization and segmentation, framing price offers to customers, price bundling, and other prevalent pricing practices.<p/><br></br><p><b> Book Synopsis </b></p></br></br>The price of a product or a service is a critical element of the marketing mix. Price influences product demand, and the firm's revenue and profits. Prices also signal product quality and value, customer self-image, and the seller's pricing practices. With appropriate balance of theory, applications, and analytics, this book provides business students and practitioners the tools to make profitable pricing decisions under a variety of real-life contexts -- current and emerging.Theoretical foundations for pricing decisions come from microeconomics, psychology, and behavioral decision theories. Well-established economic principles, with available data and analytics, help firms customize prices based on customers' willingness to pay, quantity purchased, timing and urgency of purchase, and by bundling their products and services. Pricing and promotional strategies of firms are further informed by the consideration of consumer psychology as well as the decision rules that consumers employ in framing of and responding to prices.As a practical step-by-step guide for firms, the book presents a comprehensive framework for pricing decisions. The framework illustrates how firms' pricing decisions are shaped by customer valuation of the product or service, firm cost, and competition within the category. Additional considerations include: channel arrangements, legal and regulatory limits, public sentiments, and the overriding strategy for the firm. Short cases and numerical examples help illustrate how these factors can be incorporated in firm making decisions.In addition to offering the theoretical foundation and practical guidelines for pricing, there are several distinctive features of the book.Pedagogically, the book takes a quantitative approach to pricing decisions and places a special emphasis on the utilization of data and analytics. Nevertheless, sound intuition and judgments remain a prerequisite.
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