Chapter 9: Building the Price Foundation
What Is a Price?
From a marketing viewpoint, price (P) is the money or other
considerations (including other products and services)
exchanged for the ownership or use of a product or service. The
practice of exchanging products and services for other products
and services rather than for money is called barter (trueque).
The Price Equation For most products, money is exchanged. However,
the amount paid is not always the same as the list, or quoted, price
because of discounts, allowances, and extra fees. Today’s pricing tactic
involves using “special fees” and “surcharges.” This practice is driven by
consumers’ zeal for low prices combined with the ease of making price
comparisons on the Internet. Buyers are more willing to pay extra fees than
a higher list price, so sellers use add-on charges as a way of having the
consumer pay more without raising the list price.
FIGURE 13-1 The “price” a buyer pays can take
different names depending on what is purchased
Matrícula
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Price Is What a Consumer Pays, Value Is What a
Consumer Receives
From a consumer’s standpoint, price is often used to indicate
Perceived Benefits
value when it is compared with perceived benefits, such as the Value =
quality or durability of a product or service. Specifically, value is
the ratio of perceived benefits to price.
Price
Using Value Pricing Creative marketers engage in
value pricing, the practice of simultaneously increasing product
and service benefits while maintaining or decreasing price. For
some products, price influences consumers’ perception of overall
quality and ultimately its value to them. In a survey of home
furnishing buyers, 84 percent agreed with the statement: “The
higher the price, the higher the quality”.
Price in the Marketing Mix
Pricing is a critical decision made by a marketing executive
because price has a direct effect on a firm’s profits. This is
apparent from a firm’s profit equation, where:
Ganancia = Ingresos totales - costo total (fijos + variables)
NATURE AND IMPORTANCE OF PRICE
PRICE IN THE MARKETING MIX
Profit equation
Six steps in setting price:
1. Identify pricing objectives/constraints
2. Estimate demand and revenue
3. Determine cost, volume, and profit relationships
4. Select approximate price level
5. Set list or quoted price
6. Make special adjustments
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The six steps in setting price.
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STEP 1: IDENTIFY PRICING OBJECTIVES AND
CONSTRAINTS
IDENTIFYING PRICING OBJECTIVES 1
Pricing objectives: involve specifying the role of price in an organization’s
marketing and strategic plans. To the extent possible, these pricing objectives
are carried to lower levels, such as in setting objectives for marketing managers
responsible for an individual brand. These objectives may change depending on
the financial position of the company as a whole, the success of its products, or
the segments in which it is doing business: Profit, sales revenue, market
share, unit volume, survival and social responsibility.
• Profit
• Return on investment (ROI)
• Return on assets (ROA)
• Managing for long-run profits
• Maximizing current profit objective
• Target return (profit goal) 13-9
STEP 1: IDENTIFY PRICING OBJECTIVES AND CONSTRAINTS
Identifying Pricing
Objectives ROA ( Return on assets) / Rentabilidad sobre el activo=
1) Profit (Ganancias): Three different
objectives relate to a firm’s profit, which is Utilidad neta después de impuestos / activo total
often measured in terms of return on
investment (ROI) or return on assets (ROA). Utilidad neta: es la utilidad resultante después
These objectives have different implications de restar y sumar de la utilidad operacional, los
gastos e Ingresos no operacionales
for pricing strategy. One objective is
respectivamente, los impuestos y la reserva legal.
1)managing for long-run profits, in which
companies—such as many South Korean car
or HDTV manufacturers—give up immediate
profit by developing quality products to
penetrate competitive markets over the
long term. Products are priced relatively low
compared to their cost to develop, but the
firm expects to make greater profits later
because of its high market share. 2)
Maximizing current profit objective –
short run orientation. 3) Target return
objective occurs when a firm sets a profit
goal (such as 20% for pretax ROI, determined
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STEP 1: IDENTIFY PRICING OBJECTIVES AND CONSTRAINTS
2) Sales Revenue (Ingresos por ventas) 3) Market Share (Cuota de mercado) $ or
$ Given that a firm’s profit is high enough for it to % Market share is the ratio of the firm’s sales revenues or
remain in business, an objective may be to increase sales unit sales to those of the industry (competitors plus the firm
revenue, which can lead to increases in market share and itself). Companies often pursue a market share objective
profit. Objectives related to dollar sales revenue or unit when industry sales are relatively flat or declining. / La
sales have the advantage of being translated easily into cuota de mercado es la relación entre los ingresos por
meaningful targets for marketing managers responsible ventas de la empresa o las ventas unitarias con respecto a
for a product line or brand. However, while lowering the las de la industria (competidores más la propia empresa).
price on one product in a firm’s line may increase its sales Las empresas a menudo persiguen un objetivo de cuota de
revenue, it may also reduce the sales revenue of related mercado cuando las ventas de la industria son
products. / Un objetivo puede ser aumentar los ingresos relativamente planas o están disminuyendo.
por ventas, lo que puede conducir a aumentos en la
participación de mercado y las ganancias. Los objetivos
relacionados con los ingresos por ventas en dólares o las
ventas unitarias tienen la ventaja de traducirse fácilmente
en metas significativas para los gerentes de marketing
responsables de una línea de productos o una marca. Sin
embargo, si bien bajar el precio de un producto en la línea
de una empresa puede aumentar sus ingresos por ventas,
también puede reducir los ingresos por ventas de
productos relacionados.
4) Unit Volume (Unidad de volumen)# Many
firms use unit volume, the quantity produced or sold, as a pricing
objective. These firms often sell multiple products at very
different prices and need to match the unit volume demanded by
customers with price and production capacity. Using unit volume
as an objective can be counterproductive if a volume objective is
achieved, say, by drastic price cutting that drives down profit.
5) Survival (Supervivencia) In some instances, profits, sales, and market
share are less important objectives of the firm than mere survival. For example,
RadioShack, an electronics retail chain, faced survival problems because it couldn’t
compete with the prices offered by other retailers. The company enacted price matching
programs and promoted large discounts on its merchandise to raise cash and hopefully
stave off bankruptcy.
6) Social Responsibility (Responsabilidad
social) A firm may forgo a higher profit on sales and follow a
pricing objective that recognizes its obligations to customers and
society in general. For example, Gerber supplies a specially
formulated product free of charge to children who cannot tolerate
foods containing cow’s milk.
Identifying Pricing Constraints
Factors that limit the range of prices a firm may set are referred to as pricing constraints. Consumer demand for the
product clearly affects the price that can be Page 353charged. Other constraints on price vary from factors within the
organization to competitive factors outside the organization.
Demand for the Product Class, Product Group, Newness of the Product: Stage in the
and Brand The number of potential buyers for the product class Product Life Cycle The newer a product and
(cars), product group (family sedans), and specific brand (Toyota the earlier it is in its life cycle, the higher the price that
Camry) clearly affects the price a seller can charge. Likewise, can usually be charged.
whether the item is a luxury—like the Bugatti Chiron—or a
necessity—like bread and somewhere to live—also affects the
Cost of changing prices and time
price that can be charged. Generally, the greater the demand for period they apply.
a product, the higher the price that can be set. For example, the
New York Mets have set different ticket prices for their games
based on the appeal of their opponent—prices are higher when
Single product versus a product
they play the New York Yankees and lower when they play the line.
Pittsburgh Pirates. Competitor´s prices and
Cost of Producing and Marketing the consumer´s awareness of them.
Product Another profit consideration for marketers is to
ensure that firms in their channels of distribution make an Type of Competitive Market:
adequate profit. Without profits for channel members, a marketer Pure competition
is cut off from its customers. Monopolistic competition
Oligopoly
Pure monopoly
FIGURE 13-3 Pricing, product, and advertising
strategies available to firms in four types of
competitive markets
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STEP 2: ESTIMATE DEMAND AND REVENUE
The Demand Curve A demand curve is a graph that relates the quantity sold and price, showing the maximum number
of units that will be sold at a given price. Based on secondary research you conducted regarding the annual demand for Red
Baron frozen cheese pizza under circumstances that existed in early 2020, you are able to construct the demand curve
D1 in Figure 13–4A, which you now need to update because market conditions have changed by late 2021. Note the following
relationship: As price falls, more people decide to buy Red Baron frozen cheese pizza, which increases its unit sales.
STEP 2: ESTIMATE DEMAND AND REVENUE
Demand factors:
But price is not the complete story when estimating demand. Economists emphasize three
other key factors that influence demand for a product:
1.Consumer tastes: these depend on many forces such as demographics, culture, and
technology. Because consumer tastes can change quickly, up-to-date marketing research is
essential to estimate demand. For example, if research by nutritionists concludes that some
pizzas are healthier (because they are now gluten-free or vegetarian), demand for them will
probably increase.
2.Price and availability of similar products. If the price of a competitor’s pizza that is a
substitute for yours—like Tombstone pizza—falls, more people will buy it; its demand will rise
and the demand for Red Baron pizza will fall. Other low-priced dinners are also substitutes for
pizza. For example, if you want something fast so you can study, you could call Domino’s or a
local Chinese restaurant and order a meal for home delivery. So, as the price of a substitute
falls or its availability increases, the demand for your Red Baron frozen cheese pizza will fall.
3.Consumer income. In general, as real consumers’ incomes increase (allowing for
inflation), demand for a product will also increase. So, if you get a scholarship and have extra
cash for discretionary spending, you might eat more Red Baron frozen cheese pizzas and
fewer peanut butter and jelly sandwiches to satisfy your appetite.
STEP 2: ESTIMATE DEMAND AND REVENUE
Price Elasticity of Demand
With a downward-sloping demand curve, marketing managers are especially interested in how sensitive consumer demand
and the firm’s revenues are to changes in the product’s price. This can be conveniently measured by price elasticity of
demand, or the percentage change in quantity demanded relative to a percentage change in price. Price elasticity of
demand (E) is expressed as follows:
Percentage change in quantity demanded
Price elasticity of demand E =
Percentage change in price
Elastic demand exists when a 1% decrease in price produces more than a 1% increase in quantity
demanded, thereby actually increasing total revenue. This results in a price elasticity that is greater than 1
with elastic demand. In other words, a product with elastic demand is one in which a slight decrease in price
results in a relatively large increase in demand or units sold. The reverse is also true; with elastic demand, a
slight increase in price results in a relatively large decrease in demand. So marketers may cut price to
increase consumer demand, the units sold, and total revenue for a product with elastic demand, depending
on what competitors’ prices are.
Inelastic demand exists when a 1% decrease in price produces less than a 1% increase in quantity
demanded, thereby actually decreasing total revenue. This results in a price elasticity that is less than 1 with
inelastic demand. So a product with inelastic demand means that slight increases or decreases in price will
not significantly affect the demand, or units sold, for the product. The concern for marketers is that while
lowering price will increase the quantity sold, total revenue will actually fall.
Necessities are price inelastic
How Price Elasticity Affects Marketing and Public Policy Decisions Price
elasticity of demand is determined by a number of factors. The more substitutes a product or service has, the
more likely it is to be price elastic.
Fundamentals of Estimating Revenue
While economists may talk about “demand curves,” marketing executives are more likely to speak in terms of
“revenue generated /.” Demand curves lead directly to an essential revenue concept critical to pricing
decisions: total revenue (TR), or the total money received from the sale of a product.
Ingresos generados = precio por unidad x cantidad de productos vendida
Total revenue (TR) equals the unit price (P) times the quantity sold (Q).
Demand curves lead to “total revenue”
concept.
Total revenue (TR)
TR = P x Q
STEP 3: DETERMINE COST, VOLUME, AND PROFIT
RELATIONSHIPS
THE IMPORTANCE OF CONTROLLING COSTS AND MARGINS
Total Cost (TC)
Fixed cost (FC) / Costos fijos
Variable cost (VC) / Costos variables
Unit variable cost (UVC) / Costo variable unitario
Contribution margin (CM) / Margen de contribución
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FIGURE 13-5 Fundamental cost concepts
Total cost (TC) The total expense incurred by a firm in producing and marketing a product. Total cost is the
sum of fixed cost and variable cost. / El costo total es la suma del costo fijo y el costo
variable.
Fixed cost (FC) The sum of the expenses of the firm that are stable and do not change with the quantity of a
product that is produced and sold. Examples of fixed costs are rent on the building, executive
salaries, and insurance. / La suma de los gastos de la empresa que son estables y no cambian
con la cantidad de un producto que se produce y vende.
Variable cost (VC) The sum of the expenses of the firm that vary directly with the quantity of a product that is
produced and sold. / La suma de los gastos de la empresa que varían directamente con la
cantidad de un producto que se produce y vende. For example, as the quantity sold doubles,
the variable cost doubles. Examples are the direct labor and direct materials used in
producing the product and the sales commissions that are tied directly to the quantity sold.
As mentioned above, TC = FC + VC
Unit variable cost Expressed on a per unit basis, UVC = VC ÷ Q
(UVC)
Contribution margin Expressed o a per unit basis as the difference between unit selling price (P) and unit variable
(CM) cost (UVC), or as a percent:
CM = [UVC ÷ P] x 100
Diferencia entre el precio de venta unitario (P) y el costo variable unitario.
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STEP 3: DETERMINE COST, VOLUME, AND PROFIT RELATIONSHIPS
Break-Even Analysis ( Punto de equilibrio)
Break-even analysis is a technique that analyzes the relationship between total revenue and total cost to determine profitability
at various levels of output. provides the data needed to conduct a break-even analysis. The break-even point (BEP) is the
quantity at which total revenue and total cost are equal. Profit then comes from all units sold beyond the BEP.
Calculating a Break-Even Point Suppose you are the owner of a picture frame shop and you wish to identify how
many pictures you must sell to cover your fixed cost at a given price. Let’s assume demand for your pictures is strong, so the
average price customers are willing to pay for each picture is $120. Your unit variable cost (UVC) for a picture is $40. Therefore,
your contribution margin is $80 ($120 – $40). Your fixed cost (FC) is $32,000 (real estate taxes, interest on a bank loan, etc.).
Your break-even quantity (BEP) is 400 pictures, as follows:
FIGURE 13-6 Calculating a break-even point for
the picture frame store shows its profit starts at
400 framed pictures per year
Developing a Break-Even Chart. At less than 400 pictures, your picture frame shop incurs a loss,
and at more than 400 pictures, it makes a profit. A graphic presentation of the break-even analysis, called a
break-even chart. It shows that total revenue (line DE) and total cost (line AC) intersect and are equal at a quantity of
400 pictures sold, which is the break-even point (F) at which profit is exactly $0.
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FIGURE 13-7 Break-even analysis chart for a
picture frame store shows the break-even point at
400 pictures
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The Profit Impact of Price Changes
Cost, volume, and profit analysis is also used to assess the effect of price changes on a company’s dollar
profit. / El análisis de costos, volumen y ganancias también se utiliza para evaluar el efecto de los cambios de
precios en las ganancias en dólares de una empresa.
For example, suppose the owner of our picture frame shop is considering a price reduction, the current unit
price (P) for a picture frame is $120. The unit variable cost (UVC) is $40. The contribution margin (CM) is $80
($120 − $40 = $80).
Suppose the owner is thinking about a $20 decrease in the price of picture frames from $120 to $100. The
owner is concerned about what minimum unit sales volume increase is necessary to maintain the shop’s
current dollar profit, assuming no change in the shop’s fixed cost. A simple formula for determining the
minimum percentage unit sales volume increase is shown below:
STEP 4: SELECT AN APPROXIMATE PRICE LEVEL
Four approaches for selecting an approximate price level
Demand-Oriented Pricing Approaches
Demand-oriented approaches weigh factors underlying expected customer tastes and preferences more heavily than such factors as
cost, profit, and competition when selecting a price level.
Skimming Pricing
A firm introducing a new or innovative product can use skimming pricing, setting the highest initial price that customers who really
desire the product are willing to pay. These customers are not very price sensitive because they weigh the new product’s price, quality,
and ability to satisfy their needs against the same characteristics of substitutes.
Una empresa que introduce un producto nuevo o innovador puede utilizar el precio sobrevalorado, fijando el precio inicial más alto
que los clientes que realmente desean el producto están dispuestos a pagar. Estos clientes no son muy sensibles al precio porque
sopesan el precio, la calidad y la capacidad del nuevo producto para satisfacer sus necesidades frente a las mismas características de
los sustitutos.
Skimming pricing is an effective strategy when (1) enough prospective customers are willing to buy the product immediately at the high
initial price to make these sales profitable, (2) the high initial price will not attract competitors, (3) lowering price has only a minor
effect on increasing the sales volume and reducing the unit costs, and (4) customers interpret the high price as signifying high quality.
These four conditions are most likely to exist when the new product is protected by patents or copyrights or its uniqueness is
understood and valued by consumers.
Penetration Pricing: Setting a low initial price on a new product to appeal immediately to the mass market is
penetration pricing, the exact opposite of skimming pricing. / Fijar un precio inicial bajo en un nuevo producto para
atraer inmediatamente al mercado de masas es la fijación de precios de penetración, justo lo contrario de la fijación de
precios de sobrevalorado.
The conditions favoring penetration pricing are the reverse of those supporting skimming pricing: (1) many segments of
the market are price sensitive, (2) a low initial price discourages competitors from entering the market, and (3) unit
production and marketing costs fall dramatically as production volumes increase. A firm using penetration pricing may
(1) maintain the initial price for a time to gain profit lost from its low introductory level or (2) lower the price further,
counting on the new volume to generate the necessary profit.
Prestige Pricing: Consumers may use price as a measure of the quality
or prestige of an item so that as price is lowered beyond some point,
demand for the item actually falls. Prestige pricing involves setting a
high price so that quality- or status-conscious consumers will be
attracted to the product and buy it.
Los consumidores pueden utilizar el precio como una medida de la
calidad o el prestigio de un artículo, de modo que cuando el precio se
reduce más allá de cierto punto, la demanda del artículo disminuye
realmente. La fijación de precios de prestigio implica establecer un
precio elevado para que los consumidores preocupados por la calidad
o el estatus se sientan atraídos por el producto y lo compren.
Price Lining
Often a firm that is selling not just a single product but a line of products may price them at a number of different specific pricing
points, which is called price lining.
A menudo, una empresa que no vende un solo producto, sino una línea de productos, puede fijar sus precios en varios puntos
específicos, lo que se denomina alineación de precios.
FIGURE 14-4
For price lining, the demand curve is elastic at each price point but inelastic between price points.
Odd-Even Pricing: Apple priced its iPhone 11 model at $699, Lowe’s offers a DeWalt radial saw for
$599.99, and the suggested retail price for the Gillette Fusion shaving system is $11.99. Why not
simply price these items at $1,000, $600, and $12, respectively? These firms are using
odd-even pricing, which involves setting prices a few dollars or cents under an even number.
La fijación de precios pares o impares consiste en fijar los precios unos pocos dólares o céntimos por
debajo de un número par.
Target Pricing: Manufacturers will sometimes estimate the price that the ultimate consumer would be
willing to pay for a product. They then work backward through markups taken by retailers and
wholesalers to determine what price they can charge wholesalers for the product. This practice, called
target pricing, results in the manufacturer deliberately adjusting the composition and features of a
product to achieve the target price to consumers.
En ocasiones, los fabricantes calculan el precio que el consumidor final estaría dispuesto a pagar por un
producto. A continuación, trabajan de forma retrospectiva a través de los márgenes de beneficio
aplicados por los minoristas y los mayoristas para determinar el precio que pueden cobrar a los
mayoristas por el producto. Esta práctica, denominada precio objetivo, hace que el fabricante ajuste
deliberadamente la composición y las características de un producto para conseguir el precio objetivo
para los consumidores.
Bundle Pricing: A frequently used demand-oriented pricing practice is bundle pricing—the marketing of
two or more products in a single package price.
Una práctica de fijación de precios orientada a la demanda que se utiliza con frecuencia es la fijación de
precios por paquetes, es decir, la comercialización de dos o más productos en un único precio por paquete.
Yield Management Pricing
Have you noticed seats on airline flights are priced differently within coach class? This is yield management pricing—the charging of
different prices to maximize revenue for a set amount of capacity at any given time.
Se trata de un sistema de gestión de la rentabilidad, es decir, el cobro de diferentes precios para maximizar los ingresos por una
cantidad determinada de capacidad en un momento dado.
Yield management pricing is a complex approach that continually matches demand and supply to customize the price for a service.
STEP 5: SET THE LIST OR QUOTED PRICE
Choose a Price Policy
Choosing a price policy is important in setting a list or quoted price. Two options are common—a fixed-price policy or a dynamic pricing
policy.
Fixed-Price Policy
Most companies use a fixed-price policy. A fixed-price policy, also called a one-price policy, is setting one price for all buyers of a
product or service.
Una política de precio fijo, también llamada política de precio único, consiste en establecer un único precio para todos los compradores
de un producto o servicio.
.
STEP 5: SET THE LIST OR QUOTED PRICE
Dynamic Pricing Policy
In contrast, a dynamic pricing policy, also called a flexible-price policy, involves setting different prices for products and services in real
time in response to supply and demand conditions. A dynamic pricing policy gives sellers considerable discretion in setting the final
price in light of demand, cost, and competitive factors. Yield management pricing described earlier is a form of dynamic pricing
because prices vary by an individual buyer’s purchase situation, company cost considerations, and competitive conditions.
Una política de precios dinámica, también llamada política de precios flexibles, consiste en fijar diferentes precios para productos y
servicios en tiempo real en respuesta a las condiciones de la oferta y la demanda. Una política de precios dinámicos otorga a los
vendedores una considerable discrecionalidad a la hora de fijar el precio final en función de la demanda, el coste y los factores
competitivos. La fijación de precios de gestión de la rentabilidad descrita anteriormente es una forma de fijación de precios dinámica
porque los precios varían en función de la situación de compra de un comprador individual, de las consideraciones de costes de la
empresa y de las condiciones de la competencia.
Estrategias de fijación de precios
1) Descremado: el precio inicial más alto a un nuevo producto en el mercado.
2) Penetración de mercado: ofertas de lanzamiento y las compañías optan, comúnmente, por
establecer un precio muy bajo, para alcanzar al mayor número de público objetivo y penetrar
más fácilmente en segmentos de todos los estratos económicos.
3) Status quo (competencia): observan muy de cerca el comportamiento de las empresas de su
mismo sector de actividad y que ofrecen productos similares. Establecen precios para alinearse
con las estrategias existentes y captar al mismo público.
Consideraciones:
+Estrategia de liderazgo de Porter: En precio bajo, Diferenciación, Enfoque y combinaciones.
- Naturaleza del producto y Mercado meta.
-Precios dinámicos: Es una estrategia flexible en la que los precios fluctúan de acuerdo con el
mercado y la demanda del shopper. Mediante algoritmos, las empresas utilizan precios
dinámicos considerando el precio de la competencia, la demanda y otros factores.
-Zona geográfica: Importaciones y Exportaciones.
STEP 6: MAKE SPECIAL ADJUSTMENTS TO THE LIST OR QUOTED PRICE
Identify the adjustments made to the approximate price level on the basis of discounts, allowances, and geography.
FIGURE 14-7
Three special adjustments to the list or quoted price include discounts, allowances, and geographical adjustments. Each can
substantially change the final price.
FIGURE 14-8
The structure of trade discounts affects the manufacturer’s selling price and the
margins made by resellers in a marketing channel.
Traditional trade discounts have been established in various product lines such as hardware, food, and pharmaceutical items. Although
the manufacturer may suggest the trade discounts shown in the example just cited, the sellers are free to alter the discount schedule
depending on their competitive situation.
Introducción: establecen precios altos.
( Depende de la estrategia .- Descremado o
penetración).
Crecimiento: los precios se estabilizan. +
Etapa del competidores + economías a escala
ciclo de
vida del Madurez: reducción del precio a medida que
aumenta la competencia.
producto
Declinación: reducción de precios
