Suggested Pricing Books
Behavioral Pricing by ISBN: 9781845448189Publication Date: 2005-07-10The approach taken by researchers in the area of behavioral pricing is based on the psychological principles, human perception and the impact of social norms.
Review and Understand Your Assignment
At this point you have completed parts 1-4 of your assignment including marketing environment analysis, objectives, a target market, customers and markets, global marketing and digital marketing and your product, your brand, and your services, decisions. In this step, you will focus on pricing.
Read each prompt in part 5 and make sure you understand what is being asked. Contact Prof. Cardona with any questions via Canvas. Note these basic ideas for this part of the assignment:
- Basic pricing, ranges, and demand
- Explaining your pricing with evidence
- Your target market's perceptions of pricing
- Other types of pricing available to you (variable pricing, product-line pricing, odd-even pricing)
Understanding Customer Interpretation and Expectations
In the Exhibit 13.2, you have been asked to find research on your target market's perception of pricing. You should already have established who is in your target market in the previous parts of this assignment. The resource below will help you find data to support pricing expectations for your market.
- Census Business BuilderGovernment tool with demographic (age, sex, race/ethnicity), industry, and market data (consumer expenditure, income), on one map. Create and download reports from data.
- Social ExplorerUse data to view pricing expectations using category variables like: consumer prices, consumer expenditures, quality of life, MPD - profiles, income, etc.
- Social Explorer Learning Module: Product Life CycleComplete this module to learn how marketers use strategic planning data for a product's life cycle.
Pricing Products
When pricing products, you will probably have to do your own research and summarize information from multiple sources on pricing. These resources and suggestions will help you get started.
Where to get started:
- the company's website
- the company's competitors websites
- the company's annual report
- the product's price online or in the store
Search by:
- Company name as keyword AND (brand OR product OR product development). For example, McDonalds AND (brand OR product OR product development)
- Keyword using the words: pricing OR price OR pric*
- Keyword using the word: promotion
Need help understanding pricing strategies? Check out this easy to read website from Hubspot.
Adapted from ELON LibGuide
- ABI/INFORM CollectionGCC Library Database. For pricing information:
1. Open ABI/INFORM Global database
2. Select Advanced Search option above box
3. Scroll down to NAICS Code box and enter NAICS Code
4. Under Document Type, check boxes for: Annual Report, Business Case, Industry Report, Market Report, Market Research, Statistics/Data Report
5. Select Search to get results - Business Source EliteGCC Library Database. For pricing:
1. Open database. You may need to login with your GCC username and password if you are off campus.
2. Put in NAICS Code in first box. In "Select A Field" dropdown menu, select IC NAICS Code or Description
4. In second search box, enter pric* . This tells the database to look for anything with pric- including pricing, prices, and price.
5. Select Search to get results
USA Trade Online, produced by the U.S. Census Bureau, lets you create statistical reports detailing exports and imports between the United States and other trading partner countries. These reports can be customized by commodity, country, time period and U.S. port. Furthermore, report results can be ranked to determine top export/import markets. Reports can also be downloaded into a spreadsheet.
- Access USA Trade OnlineYou must create a free account to use this tool.
Find Product Suppliers
These resources will help you find suppliers to create your product.
- ThomasNet DirectoryFree directory that lists supplier contacts for quotes. Search by supplier, product, or by keyword using search box options.
- IQS DirectoryFree directory for manufacturing supplies and suppliers. Browse by category or industry or product/service name using the search box.