Setting Price: Part 2In the Setting Price: Part 1 tutorial we saw how marketers begin the process for setting an initial price for their product. However, for most marketers additional pricing decisions are still needed. In Part 2 of our Setting Price tutorial we continue our discussion of the 5-Step price setting process by looking at Steps 3 through 5. Our coverage will include different price adjustments marketers make before settling on a final selling price; payment options; and additional issues that affect pricing.
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Setting Price: Part 2More ResourcesKnowThis: Marketing Basics Book396 pages - Only $25
Samples of Marketing TutorialsMarket Pricing: Psychological Method For many years researchers have investigated customers’ response to product pricing. Some of the results point to several interesting psychological effects price may have on customers’ buying behavior and on their perception of individual products. We stress that certain pricing tactics "may" have a psychological effect since the result… |
As noted in Part 1, not all marketers will follow this step-by-step approach. In fact, as we will see many marketers may choose to bypass Steps 3 and 4 altogether. However, the majority of marketers will indeed go through all steps, thus marketers should have a good understanding of the options available.
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