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Pricing Analysis
Books have a powerful influence on our lives. ... In this paper we will assess the rationale behind pricing of books at various point-of-purchase locations. ... Hence it is imperative for savvy companies to develop winning marketing and pricing strategies in order to maintain a competitive advantage. ... Companies, when developing its pricing strategy, must decide where to position its product on price and quality and select the appropriate price-quality segments.
Companies do not usually set a single price, but rather a pricing structure that reflects variations in:
· Geographical demand and costs
· Market-segment requirements
· Purchase timing
· Order levels
· Other factors.
Although price competition is a major problem facing companies, many do not handle pricing well. The most common mistakes are these:
· Pricing is too cost-oriented;
· Price is not revised often enough to capitalize on market changes;
· Price is set independent of the rest of the marketing mix rather than as an intrinsic element of market-positioning strategy;
· Price is not varied enough for different product items, market segments, and purchase occasions. ... Selecting the pricing objective;
2. ... Selecting a pricing method;
6. Selecting the final price (Kotler)
Evolution of the Book Industry & its pricing strategy
Prior to the 1970s, we had the traditional “brick and mortar” bookstores selling books to a niche market.
Approximate Word count = 1039
Approximate Pages = 4.2
(250 words per page double spaced)
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