Details

Setting Profitable Prices


Setting Profitable Prices

A Step-by-Step Guide to Pricing Strategy--Without Hiring a Consultant
1. Aufl.

von: Marlene Jensen

32,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 29.01.2013
ISBN/EAN: 9781118502662
Sprache: englisch
Anzahl Seiten: 208

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Beschreibungen

<b>Time-tested strategies for making the best possible pricing decisions and gaining an unbeatable competitive advantage</b> <p>Pricing is one of the most important—and difficult—marketing problems companies face when launching new products. Unfortunately, the research that goes into making optimal pricing decisions is a very time-consuming process—unless, that is, you can afford to pay a consultant or outside agency to do it for you. But if you're like most small- to medium-sized business owners and managers, time and money are two things you absolutely don't have to spare. Problem solved: Written by a nationally recognized pricing expert, this book arms you with proven strategies for guaranteeing that you'll never again leave money on the table when determining prices. And you'll spend the least possible time setting your more profitable prices.</p> <ul> <li>Packed with valuable worksheets and other valuable tools to help guide your research and your pricing decision-making</li> <li>A goldmine of expert tips for pricing in any specialty market, it offers a highly effective way to market your company's product more effectively and profitably</li> <li>Shows you how to avoid making your competitors' pricing mistakes and gain a powerful competitive edge in the process</li> <li>The author uses examples drawn from her years of consulting work with companies large and small, including Food Network, American Express Publishing, and <i>Playboy</i></li> </ul>
<p>Preface xv</p> <p>Author Credentials xv</p> <p>If You Can Afford a Pricing Consultant . . . xvi</p> <p>Don’t Have the Cash to Invest? xvii</p> <p>How Big of a Rush Are You In? xvii</p> <p>Chapter Summaries xviii</p> <p>Acknowledgments xxi</p> <p><b>PART 1 HOW TO SET PRICES FOR MAXIMUM PROFITS 1</b></p> <p><b>Chapter 1 Why Pricing Is the Key to Your Success 3</b></p> <p>Raise Prices—or Sell More Products? 3</p> <p>Big-Company Case History 5</p> <p>Tiny-Company Case History 5</p> <p><b>Chapter 2 Why Most Companies Stink at Pricing (and How You Can Do Better!) 7</b></p> <p>The “Myth” of Creating Demand Curves 8</p> <p>How Your Competitors Are Setting Prices 9</p> <p>Cost-Plus Pricing 9</p> <p>Match-Your-Competitors Pricing 11</p> <p><b>PART 2 HOW THE MARKET WILL VALUE YOUR NEW PRODUCT 13</b></p> <p><b>Chapter 3 Analyzing Your Competitors’ Prices 15</b></p> <p>You Do So Have Competitors! 15</p> <p>How to “Pick” Your Competitors 16</p> <p>Direct vs. Indirect Competitors 16</p> <p>How Consumers Evaluate Prices 18</p> <p>How to Get Profitable Ideas from Your Competitors 19</p> <p><b>Chapter 4 Environmental Factors That Can Affect Your Pricing 21</b></p> <p>Environmental Factors Overview 21</p> <p>The Economy 21</p> <p>Competitors 24</p> <p>Government Regulation and Legal 24</p> <p>Social Trends 25</p> <p>Technological Change 26</p> <p><b>Chapter 5 Pick the Positioning of Your New Product 29</b></p> <p>There Are Only 3 Choices! 29</p> <p>The Psychology of Price Positioning 30</p> <p>Penetration Price Positioning 31</p> <p>Skimming (or Premium) Price Positioning 35</p> <p>Competitive Price Positioning 38</p> <p>Learning More about Competitive Pricing 40</p> <p>Chapter 6 Analyzing Your Buyer Benefits/Drawbacks Relative to Your Competitors 43</p> <p>Uncovering What Buyers Really Value/Hate about Products in Your Marketplace 44</p> <p>Learn More about Calculating Buyer Valuation of Different Features 44</p> <p>Chapter 7 Picking a “Ballpark” for Your Best Price 47</p> <p>You Will Not Be “Stuck” with Your Decision! 48</p> <p>Can’t Make a Profit at that Price Range? 49</p> <p>Not Sure about Your Results? 49</p> <p>Learn More about Buyers’ Reactions to Price Ranges 50</p> <p><b>PART 3 YOUR COST ANALYSIS 53</b></p> <p><b>Chapter 8 Evaluating Your Costs 55</b></p> <p>The Ideas Behind “Target Costing” and “Target Engineering” 55</p> <p>Types of Costs 56</p> <p>The Hardest Part of Calculating Costs 57</p> <p>Reasons for Launching a Product that Doesn’t Cover Overhead 58</p> <p><b>PART 4 FINE-TUNING YOUR PRICE 59</b></p> <p><b>Chapter 9 Is Your Profit Potential Acceptable? 61</b></p> <p>If You’re Happy with Your Potential Profits 61</p> <p>If You’re Not Happy with Your Potential Profits 62</p> <p>Next Step 66</p> <p><b>Chapter 10 Psychological Adjustments to Your Price 67</b></p> <p>Understanding “Barriers” in Prices 68</p> <p>Staying below Barriers 68</p> <p>Increasing Prices up to Barriers 69</p> <p>Numbers that Say “Discount” to Buyers 70</p> <p>Test Your Knowledge! 71</p> <p>Visually Appealing Prices 72</p> <p>Selling to Businesses 73</p> <p>Learn More about Thresholds 74</p> <p>Learn More about the Effect of Numbers 75</p> <p><b>PART 5 TESTING YOUR PRICES 77</b></p> <p><b>Chapter 11 Testing Prices 79</b></p> <p>The Psychology of You—in Setting Prices 79</p> <p>Can You Test? 81</p> <p>The Difference between Testing and Research 81</p> <p><b>Chapter 12 Using Google to Test Prices for Free (or Almost Free) 83</b></p> <p>Two Methods for Almost-Free Testing!! 83</p> <p>Using Google Optimizer to Test Multiple Things 87</p> <p><b>PART 6 PRICING IN SPECIAL SITUATIONS 91</b></p> <p><b>Chapter 13 Pricing Services 93</b></p> <p>Imagine No Chapter 13! 93</p> <p>The Complications of Setting Prices for Services 94</p> <p>The Myth of Pricing Based on “What You Want to Earn” 94</p> <p>Pricing by the Hours versus the Job 94</p> <p>Finding What Service Competitors Charge 96</p> <p>Picking Your Price Positioning 97</p> <p>What Your Price Says about Your Firm 97</p> <p>How to Charge Higher Prices to Those Willing to Pay More 98</p> <p><b>Chapter 14 Pricing New Products/Services, Part 1: When Your Brand Is Unknown 101</b></p> <p>The Problems in Pricing Something New 101</p> <p>Price Equals Quality Buyer Perception 102</p> <p>Does Quality Equal Likelihood-to-Buy? 102</p> <p>Understanding “Bargain Hunters” 103</p> <p>Price Preferences by Product Type 103</p> <p>Detailed Research on Buyer Price Position Preferences 104</p> <p>Additional Research on Preferred Prices 107</p> <p>Learn More about Risk and Pricing 110</p> <p><b>Chapter 15 Pricing New Products/Services, Part 2: Competing with Established Brands 113</b></p> <p>When Your Competitors Are Established Brands 113</p> <p>Risk Avoidance 116</p> <p>Price Premiums for Known Brands 117</p> <p>Discounting Differences 120</p> <p>What Causes Customers to Switch to a New Brand? 124</p> <p>What Happens after Buyers Switch? 126</p> <p>Shocking Findings on Brand Names 127</p> <p>So What Does it All Mean for Pricing a New Product/Service? 127</p> <p><b>Chapter 16 Pricing with Discounts 129</b></p> <p>Discounts: A Double-Edged Sword 129</p> <p>When Discounts Worry Consumers 130</p> <p>Determining Best Discount Levels 136</p> <p>Discounts’ Effect on Quality Ratings and Purchase 137</p> <p>Concluding Thoughts on Pricing, and Especially on Testing Prices 139</p> <p>Appendix of Worksheets 141</p> <p>Bibliography 157</p> <p>About the Author 171</p> <p>About the Companion Web Site 173</p> <p>Index 175</p>
<p><b>Dr. MARLENE JENSEN</b> is a pricing strategy and marketing/new business expert. Her decades of consulting work with companies, large and small–including the Food Network, American Express Publishing, and <i>Playboy</i>–are consolidated in this powerful book/website combo. In addition to consulting, Dr. Jensen has performed pricing tests for companies such as CBS Publishing, her own launches (<i>Sportswoman</i> magazine, <i>Ancillary Profits</i> and <i>Media Marketing</i> newsletters, and Jensen-Fann Publishers) and in numerous academic research studies. Dr. Jensen has taught marketing and pricing at Western Connecticut State University, and currently at Lock Haven University.</p>
<p><b>Praise for <i>Setting Profitable Prices</i></b></p> <p>"Setting prices without this book is like burning your money! Don't worry if your time is limited, Dr. Jensen doesn't bog you down with any more steps than absolutely needed to set more profitable prices—today!"<br /> —<b>P. Nicole Borner</b>, CEO and founder, MetaMorph, Inc.</p> <p>"Marlene Jensen has boiled down decades of practical knowledge into a few short steps that can add profits to anyone's pricing strategy. I like that she's read thousands of pricing research studies, and conducted plenty herself. But I like even more that she knows how to condense it to what's important for the busy executive. Do yourself—and your company—a favor and start profiting from this book!"<br /> —<b>Roland A. DeSilva</b>, Chairman and Managing Partner, desilva+phillips</p> <p>"Managers can be so focused on product launches or customer retention that they fail to consider the impact of pricing on the ultimate success of their companies."<br /> —<b>John Suhler</b>, Founding Partner and President, Veronis Suhler Stevenson</p> <p>"In <i>Setting Profitable Prices</i>, Dr. Marlene Jensen has a highly readable step-by-step guide, with easy-to-follow worksheets. This book belongs on every business owner's bookshelf and is especially valuable to a small business owner who does not have thousands of dollars to spend on a pricing consultant. I'll recommend it without reservation."<br /> —<b>Seija Goldstein</b>, President, Seija Goldstein Associates, Inc.; consultant to regional media companies on start-ups, profit improvement, and mergers and acquisitions</p> <p>"As a commercial lender for over twenty-five years, I have observed that many small business owners do not have an actual pricing strategy. This book will provide entrepreneurs with valuable insight into competitively pricing their products and services."<br /> —<b>Wade A. Keiffer</b>, Vice President/Business Development Officer, First Citizens Community Bank</p> <p>"<i>Setting Profitable Prices</i> by Marlene Jensen is a very well-written book, easy to read, and contains demonstrative examples of how optimal pricing decisions are made by examining the consequences of various pricing approaches on financial and brand-specific outcomes. Grounded in years of research, the book provides a scientific and practical foundation for how pricing should be done, and is a highly useful resource for anyone involved in making pricing decisions."<br /> —<b>Hooman Estelami</b>, Professor of Marketing, Graduate School of Business, Fordham University</p>

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