Lecture Marketing (11/e): Chapter 13 – Kerin, Hartley, Rudelius
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13-1
LEARNING OBJECTIVES (LO)
AFTER READING CHAPTER 13, YOU SHOULD BE ABLE TO:
LO1
LO2
LO3
Identify the elements that make up a
price.
Recognize the objectives a firm has in
setting prices and the constraints that
restrict the range of prices a firm can
charge.
Explain what a demand curve is and
the role of revenues in pricing
decisions.
13-2
LEARNING OBJECTIVES (LO)
AFTER READING CHAPTER 13, YOU SHOULD BE ABLE TO:
LO4
Describe what price elasticity of
demand means to a manager facing a
pricing decision.
LO5
Explain the role of costs in pricing
decisions.
LO6
Describe how various combinations of
price, fixed cost, and unit variable cost
affect a firm’s break-even point.
13-3
THE RESULT OF AN “UNTHRILLED MOTHER”:
THE LAUNCH OF STUBHUB.COM!
Plan for
the Start-up
How StubHub’s
Pricing Works Now
13-4
LO1
NATURE AND IMPORTANCE OF PRICE
WHAT IS A PRICE?: THE PRICE EQUATION
Price
Barter
Price Equation
Final Price = List Price – (Incentives + Allowances) + Extra Fees
Price and the Global Marketplace
13-5
FIGURE 13-1 The “price” a buyer pays can
take different names depending on what is
purchased
13-6
MARKETING MATTERS
How Flattening the World Affects Prices,
Revenues, and Costs: InfoSys, IKEA, and You!
LO1
13-7
LO1
NATURE AND IMPORTANCE OF PRICE
PRICE AS AN INDICATOR OF VALUE
Value
Value =
Perceived Benefits
Price
$
=
$
Value-Pricing
13-8
LO1
NATURE AND IMPORTANCE OF PRICE
PRICE AS AN INDICATOR OF VALUE
Decoding Today’s Consumer Prices
• BOGO (Buy One, Get One Free)
Q1: Which represents the biggest
savings in total dollars?
a. A markdown from $85.27 to $70.66
b. A markdown from $83.99 to $69.99
c. A markdown from $80.00 to $70.00
13-9
LO1
NATURE AND IMPORTANCE OF PRICE
PRICE AS AN INDICATOR OF VALUE
Decoding Today’s Consumer Prices
• BOGO (Buy One, Get One Free)
Q2: Which represents the biggest
percentage off a $2,000 item?
a. 50% off
b. 25% off, then another 25% off the reduced price
c. 20% off, then another 20% off the reduced price,
then 20% off the twice-reduced price
13-10
LO1
NATURE AND IMPORTANCE OF PRICE
PRICE AS AN INDICATOR OF VALUE
Decoding Today’s Consumer Prices
• BOGO (Buy One, Get One Free)
Q3: On a $40 pair of pants, which
offer will yield the best discount?
a. Buy one, get 50% off the second
b. $20 off all purchases of $50 or more
c. A markdown of $10.00 on the pants
13-11
MARKETING MATTERS
LO1
American Eagle “Buy One, Get One Free”
Hoodies: A Good Deal?
13-12
LO1
NATURE AND IMPORTANCE OF PRICE
PRICE IN THE MARKETING MIX
Profit Equation
Six Steps in Setting Price
13-13
FIGURE 13-2 The six steps in setting price.
The first three steps are covered in Chapter
13 and the last three steps in Chapter 14.
13-14
STEP 1: IDENTIFY PRICING OBJECTIVES
LO2
AND CONSTRAINTS
IDENTIFYING PRICING OBJECTIVES
Pricing Objectives
• Profit
Managing for Long-Run Profits
Managing for Current Profit
Target Return (ROI)
13-15
STEP 1: IDENTIFY PRICING OBJECTIVES
LO2
AND CONSTRAINTS
IDENTIFYING PRICING OBJECTIVES
Pricing Objectives
• Sales ($)
• Survival
• Market Share ($ or #)
• Social
Responsibility
• Unit Volume (#)
13-16
STEP 1: IDENTIFY PRICING OBJECTIVES
LO2
AND CONSTRAINTS
IDENTIFYING PRICING CONSTRAINTS
Pricing Constraints
• Demand for the
Product Class (Cars),
Product (Sports Cars),
and Brand (Bugatti Veyron)
• Cost of Producing and
Marketing the Product
13-17
FIGURE 13-3 Where the $2,582 goes for a
ticket to a Los Angeles Lakers basketball
game sold by an online seller like StubHub
13-18
STEP 1: IDENTIFY PRICING OBJECTIVES
LO2
AND CONSTRAINTS
IDENTIFYING PRICING CONSTRAINTS
Pricing Constraints
• Newness of the
Product: Stage in the
Product Life Cycle
eBay
• Single Product vs.
a Product Line
13-19
STEP 1: IDENTIFY PRICING OBJECTIVES
LO2
AND CONSTRAINTS
IDENTIFYING PRICING CONSTRAINTS
Pricing Constraints
• Cost of Changing Prices
and Time Period They Apply
• Type of Competitive Market
Pure Competition
Oligopoly
Monopolistic Competition
Pure Monopoly
13-20
FIGURE 13-4 Pricing, product, and
advertising strategies available to firms in
four types of competitive markets
13-21
STEP 1: IDENTIFY PRICING OBJECTIVES
LO2
AND CONSTRAINTS
IDENTIFYING PRICING CONSTRAINTS
Pricing Constraints
• Competitors’ Prices
13-22
LO3
STEP 2: ESTIMATE DEMAND
AND REVENUE
FUNDAMENTALS OF ESTIMATING DEMAND
Demand Curve
Demand Factors
• Consumer Tastes
• Price and Availability
of Similar Products
• Consumer Income
13-23
LO3
STEP 2: ESTIMATE DEMAND
AND REVENUE
FUNDAMENTALS OF ESTIMATING DEMAND
Movement Along vs.
Shift of a Demand Curve
• Movement Along a
Demand Curve
• Shift in the
Demand Curve
13-24
FIGURE 13-5 Demand curves for Newsweek
showing the effect on annual sales (quantity
demanded per year) by a change in price
caused by (A) a movement along and
(B) a shift of the demand curve
13-25
