Explain Different Pricing Practices Economics Essay

Explain Different Pricing Practices Economics Essay

Pricing is one of the most important elements of the marketing, as it is the only factor which generates a turnover for the organization. It can be defined as “Activities aimed at finding a product’s optimum price, typically including overall marketing objectives, consumer demand, product attributes, competitors’ pricing, and market and economic trends.” It costs to produce and design a product; it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organization. Pricing should take into account the following factors:

Fixed and variable costs

Proposed positioning strategies

Target group and willingness to pay

An organization can adopt a number of pricing strategies. The pricing strategies are based much on what objectives the company has set itself to achieve.

Types of pricing strategies

Penetration pricing

Penetration pricing is a strategy adopted for quickly achieving a high volume of sales and deep market penetration of a new product. Under this approach, a product is widely promoted and its introductory price is kept comparatively low.

This strategy is based on the assumption that

the product does not have an identifiable price-market segment,

it has elasticity of demand (buyers are price sensitive),

the market is large enough to sustain relatively low profit margins, and

the competitors too will soon lower their prices.

Penetration pricing can be a successful marketing strategy when applied correctly. It can often increase both market share and sales volume. Additionally, the high sales volume can also lead to lower production costs and higher inventory turnover, both of which are positive for any firm with fixed overhead.

The chief disadvantage, however, is that the increase in sales volume may not necessarily lead to a profit if prices are kept too low. As well, if the price is only an introductory campaign, customers may leave the brand once prices begin to rise to levels more in line with rivals.

Price skimming

The practice of ‘price skimming’ involves charging a relatively high price for a short time where a new, innovative, or much-improved product is launched onto a market. The objective with skimming is to “skim” off customers who are willing to pay more to have the product sooner; prices are lowered later when demand from the “early adopters” falls. The success of a price-skimming strategy is largely dependent on the inelasticity of demand for the product either by the market as a whole, or by certain market segments. High prices can be enjoyed in the short term where demand is relatively inelastic. In the short term the supplier benefits from ‘monopoly profits’, but as profitability increases, competing suppliers are likely to be attracted to the market (depending on the barriers to entry in the market) and the price will fall as competition increases.

The main objective of employing a price-skimming strategy is, therefore, to benefit from high short-term profits (due to the newness of the product) and from effective market segmentation.

There are several advantages of price skimming:

Where a highly innovative product is launched, research and development costs are likely to be high, as are the costs of introducing the product to the market via promotion, advertising etc. In such cases, the practice of price-skimming allows for some return on the set-up costs

By charging high prices initially, a company can build a high-quality image for its product. Charging initial high prices allows the firm the luxury of reducing them when the threat of competition arrives. By contrast, a lower initial price would be difficult to increase without risking the loss of sales volume

Skimming can be an effective strategy in segmenting the market. A firm can divide the market into a number of segments and reduce the price at different stages in each, thus acquiring maximum profit from each segment

Where a product is distributed via dealers, the practice of price-skimming is very popular, since high prices for the supplier are translated into high mark-ups for the dealer

For ‘conspicuous’ or ‘prestige goods’, the practice of price skimming can be particularly successful, since the buyer tends to be more ‘prestige’ conscious than price conscious. Similarly, where the quality differences between competing brands is perceived to be large, or for offerings where such differences are not easily judged, the skimming strategy can work well. An example of the latter would be for the manufacturers of ‘designer-label’ clothing.

Prestige Pricing

Prestige pricing is a marketing strategy where prices are set higher than normal because lower prices will hurt instead of helping sales, such as for high-end perfumes, jewelry, clothing, cars, etc. It is also called image pricing or premium pricing.

It is a price system that implies added value of a product because of its location at the higher end of the price scale. Prices within this type of financial modeling are artificially elevated for a psychological marketing advantage. This type of pricing aims to capitalize on buyers’ notions that one brand’s high-priced item is superior in quality to a similar item that could be purchased for significantly less.

The strategy behind prestige pricing is not tied to its quality but more to its image. By giving a product an elite look because of its high price, the theory states that its implied value will rise. This is accomplished most commonly through marketing campaigns. If the packaging and delivery reflect an elite look or higher value, the theory states that individuals will pay premium prices for this idea alone, rarely investigating whether the price is an accurate reflection of the product’s value.

Prestige pricing is used in everything from designer shoes to gourmet potato chips. One example where this psychological pricing strategy is used frequently comes from the automobile industry. High-end automobiles that cost several times what an average automobile costs are presented as a luxury item that has superior performance, interior and perception among other drivers. The materials and labor used to produce these cars might cost the same or slightly more than an economy car and perhaps have no performance differences, but its elite image demands a much higher sticker price.

Many customers and marketers have complaints about the morality of prestige pricing. The sellers are aware that the product is possibly no better than the standard version, so certain individuals see it as a form of dishonesty. By not providing a measurable advantage over modestly priced products, the theory is that these organizations are cheating customers who are unaware of the difference.

Value Pricing

Under this strategy, you will price your product based on the value it creates for the customer. This is usually the most profitable form of pricing, if you can achieve it. The most extreme variation on this is “pay for performance” pricing for services, in which you charge on a variable scale according to the results you achieve. Let’s say that your widget above saves the typical customer Rs. 1,000 a year in, say, energy costs. In that case, Rs. 60 seems like a bargain – maybe even too cheap. If your product reliably produced that kind of cost savings, you could easily charge Rs. 200, Rs. 300 or more for it, and customers would gladly pay it, since they would get their money back in a matter of months.

To consumers, price is a numerical evaluation of how much they value what you are selling. For example, if I needed a new winter hat, I could get one from the local GoodWill store for a dollar or I could go to Macy’s and buy one for Rs. 25. If I only cared about covering my head, Goodwill would win, but since I care about my fashion sense, Macy’s wins. My willingness to pay is contingent upon the value I place into the product I want and need, which depends on hundreds of different aspects of my psyche and situation. Essentially, value based pricing cuts through the red tape of this scenario to determine the true willingness to pay off a target customer for a particular product.

Unfortunately, the most common pricing strategies and methodologies forget about the customer. Instead, people in charge of pricing justify price points based on internal reasons or simply adopting existing market prices. Newsflash: customers don’t care how much something cost you to make or your competitors, they care how much value they’re receiving at a particular price.

Value based pricing requires a lot of research, which is right up there with working overtime while your friends are at the bar (or just bring the work to the bar). However, unlike cost plus and competitor based pricing, it is impossible to fabricate a number that correctly reflects how consumers feel. Plus, unlike pricing done by market norms, this method focuses on isolating qualities that distinguish the product in question from the 85 look a-likes on the market.

Value based pricing models and software utilizes customer data, as well as breakdowns of the relative value of different features within your offering. You’ll also need to conduct an analysis of competing goods, because once you have the data, you’ll want to know the other options consumers have open to them. In the end though, you have the greatest amount of data to make an informed decision about your profit maximizing price.

Price Lining strategy

The strategy of price lining, also known as product line pricing, is a pricing method used in many retail stores. It helps make purchasing easier by creating distinct categories of products and services.

Price lining is defined as the technique of categorizing goods and services according to price in order to form obvious levels of quality. When items are priced in this way, customers can clearly identify which products are superior even if they know very little about the item they are shopping for.

For price lining to be effective, the gaps in price must be large enough to create a clear distinction for the customer. This way, customers feel they can easily choose between the standard and upgraded options. If the prices are too close to each other, the varying prices simply become confusing.

Price lining makes shopping quick and easy for the consumer by making the choices in quality clear. Because of this, customers often need less assistance from store employees, allowing stores to focus their energy elsewhere. Price lining also makes inventory and reordering easier, since retailers know which level of quality is in the greatest demand.

Peak load pricing

Peak load pricing involves charging the highest possible prices in accordance with the rising demand for a service with few competitive peers. Often used by electricity companies during the summer, to capture the highest load of demand at the highest prices for the highest profit.

Sometimes the demand (and even the cost of production, particularly for services, which cannot be stored), for a product or service differs at different time periods. In such situations, it is advantageous for the monopolist to charge different prices for the same product or service at different time periods. There exists period, when demand is low as well as period, when demand is quite high. These two periods are referred to as ‘slack’ or ‘off-peak’ period and ‘peak’ period respectively. For example, the demand for electricity, transportation and telephone services during late night is very low. Further, the demand of electricity by households during evening and summer afternoons and by industrial units during day time, telephone services during day time and transportation during morning and evening is at the peak. The marginal cost may also be higher during these peak periods on account of capacity constraints. Thus, there may be a justification to charge higher prices during peak periods to cover the additional cost to meet the peak demand. For this purpose, reserve capacity may also be used for those consumers, who are willing to pay the higher prices. The practice of charging a higher price from the consumers during the peak period and-a relatively lower price/or the same product or service during the off-peak period is called peak-load pricing.

Peak load pricing is undesirable and discriminatory to only those consumers, whose demand is wholly or largely concentrated in the peak period and cannot be shifted to the off-peak period. Such consumers will be harmed by paying a higher price during the peak-period. At the same time, they will not be able to derive any benefit from the lower price charged during the slack period. However by and large, peak load pricing results into consumer welfare by a more efficient distribution of use of services between the peak and off-peak periods and by thus overcoming the problems of shortages and surpluses. It has definitely an edge over a policy of uniform pricing as explained below.

7649_Peak Load Pricing.JPG

The curtailment in the use of services during the peak period on account of higher price and consequent increase in its use during the slack-period, results in decline in the overall cost. In fig. , a decrease in demand by the consumers from OQ’1 to OQ1 during the peak period on account of implementation of peak-load pricing results in a net fall in costs equivalent to the shaded area C1D1E1. This fall in cost is equal to the difference between the decreased cost shown by area Q1Q’1 D1E1 under the marginal cost curve over Q’1Q1 range of output and decreased consumer benefit shown by the area Q1Q’1C1E1 under the demand curve AR1 over the same range of output. Likewise, in the off-peak period, on account of implementation of peak-load pricing and consequent increase in demand from OQ’2 to OQ2, rise in consumer benefit (shown by area Q2Q’2D2E2 under the demand curve AR2 over Q2’Q2 range of output) is more than rise in costs (shown by area Q2Q’2C2E2 under the MC curve over the same range of output). The net gain in consumer benefit in this case is shown by the shaded area C2D2E2. The overall gain in consumer welfare from the policy of peak- load pricing over the entire period is given by the sum of shaded areas C1D1E1 and C2D2E2. Under regulated monopoly, this entire efficiency gain will go the consumers, as there are no excess profits.

The peak load pricing cuts down or reduces the fixed costs by curtailing the wasteful surplus capacity. Under uniform pricing, the producer should be able to produce OQ1 quantity of output to meet the peak-period demand. However, with peak load pricing, the quantity demanded in peak period is less. Therefore, the producer would need a smaller plant involving lower fixed cost, which is a kind of efficiency gain from peak-load pricing.

A two-part tariff is a pricing scheme according to which the buyer pays to the seller a fixed fee and a constant charge for each unit purchased. When it is used, the average price paid decreases as more units are purchased. Further, it is the marginal charge and not the fixed fee that determines how many units will be purchased. Therefore, a two-part tariff can be used as a vehicle for price discrimination and also for manipulating the incentives given to the buyers, allowing also the sellers to capture part of the residual surplus through an appropriately chosen fixed fee.

Two part tariff

A two-part tariff is a pricing scheme according to which the buyer pays to the seller a fixed fee and a constant charge for each unit purchased. When it is used, the average price paid decreases as more units are purchased. Further, it is the marginal charge and not the fixed fee that determines how many units will be purchased. Therefore, a two-part tariff can be used as a vehicle for price discrimination and also for manipulating the incentives given to the buyers, allowing also the sellers to capture part of the residual surplus through an appropriately chosen fixed fee.

Suppose the campus bookstore has a monopoly over the supply of textbooks. The bookstore hires someone to estimate their (market) demand curve and receives the following information (where P = price and Q = quantity demanded):

Marginal revenue (MR), in this case, would be MR = 100 – 3Q. The firm buys all of its books from a book publisher at $40 per book, making the bookstore’s average and marginal cost (AC and MC, respectively) always equal to $40. The bookstore’s AC and MC equations would be:

If the firm was to charge one price for book it sells, the demand, MR, MC and AC curves help us in determining that the bookstore will sell 20 books at a price of Rs. 70 per book. Economic profits would be Rs. 600 .

Let’s assume that the bookstore owner hears about two-part tariffs and would like to implement this pricing strategy. Students are asked to pay a cover charge, just to enter the store, and may then buy all the textbooks they want at some pre-determined price.

The lower the textbook price, the more consumers save. More specifically, the lower the price, the greater the consumer surplus. The bookstore knows that the two-part tariff pricing approach allows them to recover any lost profits (from lower prices) by raising the cover charge, so the firm will adjust the cover charge and textbook price to a point where profits are as high as possible.

Given the demand for economics textbooks, the bookstore decides on a price of $40 per book. That is, the bookstore decides to sell the textbooks at cost. To determine how many books are sold at this price, we take the demand curve and plug the price of $40 in for P before solving for quantity sold Q.

Limit pricing

Limit pricing is the practice by a competitor engaging in monopolistic behavior of setting a product or service price at a level just low enough to deter potential market entrants from competing in the market. This limit price may not be the price point at which the existing competitor earns the largest profit, but it does keep other companies out of the market. imit pricing must be inferred, since it is not an active monopolistic act; that is, other companies may enter the market as long as they are willing to accept the low price point or have other means of differentiating their products or services.

One advantage of this type of pricing is that a sufficiently low limit price may leave the bulk of a market to a monopolistic company and thus reduce competition.

However, the following disadvantages also arise:

Complacency: A company that successfully exercises limit pricing may become complacent and not keep its cost structure sufficiently lean to allow it to still earn a profit if a price war develops with a new market entrant. Also, if the company does not keep its products and services at a sufficiently high level, someone could sidestep the limit price with a unique product or service offering.

Illegal: Limit pricing is considered illegal in some government jurisdictions, so even giving the appearance of using limit pricing could trigger a lawsuit.

Price matching

“We’ll match any price or give you a discount if you find the same item for less at another store.” You’ve probably heard these claims before, often from major retailers, who obviously want your patronage. This is called price matching, when one retail outlet offers to sell something for the same price you’d purchase it for somewhere else.

Price matching is a common practice, especially in large stores that stock a lot of merchandise. You can also find price matching on the Internet if you look hard enough. Though these offers sound terrific, there are a few things about price matching before you head off to the nearest store looking for the best price.

In some stores, especially outlets where the owner gets to set prices, you may simply be able to tell an owner that you can purchase the same thing for X amount lower at a certain store. You may not need to provide proof of a lower price elsewhere, but you might need a longstanding relationship with the store if they don’t advertise that they price match. Sometimes small businesses simply can’t price match because they lose too much money by doing so. If they order fewer inventory, they usually have to pay higher prices for it than larger companies that order much more inventory.

Predatory Pricing

It is an anti-competitive measure employed by a dominant company to protect market share from new or existing competitors. Predatory pricing involves temporarily pricing a product low enough to end a competitive threat. With predatory pricing, prices are deliberately set very low by a dominant competitor in the market in order to restrict or prevent competition. The price set might even be free, or lead to losses by the predator. Whatever the approach, predatory pricing is illegal under competition law.

The key concern with predatory pricing is that its use is considered to be anti-competitive, and therefore not in the best interest of consumers in a market. Consider a market where demand from customers is very sensitive to price (high price elasticity of demand). A potential new entrant to the market has an exciting new product which it believes customers will value and demand. The existing competitors in the market see the new entrant about to launch – and immediately begin to lower prices to retain their customers. If the new entrant cannot match the lower price (or provide a product which customers still believe represents value for money) then they may choose not to enter the market. Who loses? Customers who are denied a wider choice. Price has therefore become a barrier to entry.

Explain different Oligopoly models

Introduction

Production takes place under different market situations. There are among others perfect competition and monopoly, which are at the two polar extremes. In addition there are other market structures like monopolistic competition and oligopoly which can be differentiated on the basis of such of such factors as number of sellers, product differentiation, barriers to entry, type of competition and profits among others.

Oligopoly Market Structure

Oligopoly is a market form dominated by a few large producers, manufacturing a commodity which may be homogenous or differentiated. In such a case, a small number of very large firms account for practically the whole output of the industry.

Oligopoly arises for the same reasons as monopoly namely economies of scale and other barriers. However, there is no single monopoly as each firm has enough countervailing power to prevent the other firms from emerging as a single monopolist. This can be noted in the detergent industry where there are Procter& Gamble and Unilever. Oligopoly requires strategic thinking, unlike perfect competition, monopoly, and monopolistic competition.

Few characteristics of Oligopoly

This market structure is characterized by a high degree may be homogenous or differentiated. A perfect or pure oligopoly is one selling homogenous product like sugar or cement. An imperfect oligopoly is one selling differentiated product like newspapers and cars.

Oligopoly is characterized by strong barriers to entry. The most significant among them being economies of scale. Indeed the industry is most likely to be high technology one.

Firms operating under oligopoly may make abnormal profits even in the long run. However, in practice, firms set prices below the maximum profit level so as to discourage the entry of new firms and to drive out competitors.

Oligopoly is characterized by price stickiness, i.e., they are unlikely to change very often, following changes in demand and cost conditions.

Although the industry is dominated by a few large firms, yet it may contain hundreds of small firms.

It is difficult to predict the behavior of oligopolistic firms but what is certain is that they will engage in considerable non price competition.

Equilibrium in an oligopolistic market is defined as firms doing the best they can and have no incentive to change their output or price. Since oligopoly is characterized by interdependence of firms, their demand curves are quite indeterminate. It is difficult to predict the reaction of other firm following any particular market strategy by one firm. In other words, the reaction of firms cannot be totally predicted. However, various models have been developed to better explain and predict behavior of oligopolistic firms.

Types of Oligopoly models

Kinked Demand Curve (Sweezy model)

As oligopoly market structure has been characterized as price sticky, the best model to explain this is the kinked demand curve model. According to this model, each firm faces a demand curve kinked at the existing price. Firms in oligopoly face a downward sloping demand curve. If they lower their price, the quantity demanded increases; and if they raise their price, the quantity demanded decreases. Because the demand curve is downward sloping, firms will have to lower the price on all units sold in order to sell more units. This means that the marginal revenue (MR) curve lies below the demand curve. If one firm decides to lower its price, other firms in the market are likely to match the lower price in order to prevent a loss of market share. The result would be that the firms’ market shares will stay roughly the same. The lower prices may induce some new customers into the market, but firms will not be able to “steal” customers away from their competitors if all firms match the lower price.

In this situation, the demand curve is inelastic.

If one firm decides to raise its price, the other firms in the market are not as likely to react with similarly raised prices. With a downward sloping demand curve, firms will see a chance to gain market share as customers choose the lower priced substitutes.

In this situation, the firm that raises its price will lose customers to the competition. The demand curve is highly elastic for the firm that raises its price.

In effect, two demand curves exist. One is inelastic and one is highly elastic. Each demand curve has only one relevant segment. The inelastic segment is only relevant when the price decreases below the current price. The elastic segment is only relevant when the price increases above the current price.

The effective demand curve would be the combination of these two relevant segments. It would be a curve that is relatively flat at prices above the current price, and relatively steep at prices below the current price. A kink forms at the current price.

The price at which the demand curve kinks, have been determined by the demand at profit-maximizing quantity. The profit maximizing quantity is always determined by the quantity where marginal revenue is equal to marginal cost. Because the demand curve has a kink, and the marginal revenue curve lies below the demand curve, the marginal revenue curve would have a gap where the two segments of the demand curve meet. That is, at the kink, or the profit maximizing price.

Profit is maximized at the same price and quantity combination as long as the marginal cost curve crosses the marginal revenue curve anywhere within this gap. If variable costs change, a profit maximizing oligopolist will not change price or quantity as long as the marginal cost curve crosses the marginal revenue curve within this gap.

The kinked demand curve model does not explain all behavior in oligopoly, but the gap in the marginal revenue curve helps to explain why firms in oligopoly change prices rather infrequently.

This can be explained by the following diagram

If firms face such demand curves, the price, p*, is profit maximizing for any marginal cost curve (MC) that cuts the vertical section of the marginal revenue curve (MR). For example, p* is the profit-maximizing price for both MC1 and MC2 in the diagram. The kinked demand theory of oligopoly behavior predicts that prices are likely to remain unchanged for small changes in costs.

Unfortunately, this theory is silent on how price is initially set and, hence, does not explain price levels. At best, it explains why price does not change in response to moderate shifts in cost. In response to large shifts in cost, the theory predicts that price should change, although it provides no guidelines as to how the new price level is set.

Stigler (1947) found no empirical evidence of asymmetry in the reaction of oligopolists to price changes by rivals. Moreover, the theory predicts that there will be no kink (the prices become more flexible) when the oligopolists collude. Stigler’s evidence contradicted this hypothesis too. Finally, the theory predicts that large shifts in costs cause prices to change whereas small shifts do not. Stigler also rejected this prediction. As a result, the original kinked demand theory is largely discredited. Some recent models determine the price level and have the property that residual demand curves have kinks.

Sales Maximization

Without constraint

Sales maximisation means achieving the highest possible sales volume, without making a loss. To the right of Q, the firm will make a loss, and to the left of Q sales are not maximized.

According to Baumol, every business firm aims at maximization it sales revenue (price x quantity) rather than its profit. Hence his hypothesis has come to be known as sales maximization theory & revenue maximization theory. According to Baumol, sales have become an end by themselves and accordingly sales maximization has become the ultimate objective of the firm. Hence, the management of a firm directs its energies in promoting and maximizing its sales revenue instead of profit.

It seems to be most plausible goal of firms instead of profit maximization as per Baumol since management is separated from ownership. They also prefer sales max for the following reasons:

Financial institutions, such as banks, consider sales as an index of firm’s performance and are thus willing to lend to them.

Sales figure are available periodically instead of yearly like profit. Thus, close monitoring of performance is more easily able through sales figures rather than profit.

Salaries are more closely linked to sales level rather than profit level.

If sales level indicates high performance, higher payments can be offered to employees.

Profit level is more difficult to maintain compared to sales level

Sales growing more than proportionately to market expansion, indicate growing market share and a greater competitive strength and bargaining power of a firm in a collusive oligopoly.

Sales maximization does not necessarily mean an attempt to obtain the largest possible physical volume of sales; it means revenue maximization, where total revenue (R) is the product of the physical volume of output sold (Q) and the market price (P) per unit of output sold. Even if Q is very large, at P=O, the total revenue earned R=O. Thus there will normally be an well- determined output level, Q which maximizes the total revenue earned, R. This level can be ordinarily fixed by satisfying the first order condition, = 0, zero marginal revenue which implies that maximum revenue is obtained only at an output at which elasticity of demand for the output is unity. Recall, the price elasticity of demand

If MR = 0, then, = AR/AR = 1

The revenue maximizing decision rule, MR = 0, replaces the profit maximizing decision rule MR=MC.

With profit constraint

The fact that the oligopoly firms do not maximize pro/it does not mean that they do not have u profit policy. Most firms actually adjust their revenue maximizing price-output decision in view of a profit constraint. They set some minimum profit requirement, and thus they face the problem of constrained sales maximization. In order to facilitate the comparison between profit maximizing output, unconstrained revenue- maximizing output and profit-costarred revenue-maximizing output, the following diagram is constructed. We have here total revenue (R), total costs (e) and total profits (n)-all as functions of output. The level of profit-maximing output at which MR=MC (i.e., slopes of revenue and cost curves are equal) is 0: The unconstrained revenue-maximizing output at which MR=O is O the profit curve, 1; is at maximum corresponding to OQ

The level of output at which costs are just B covered by revenue, is the break-even level of output O ; profits gradually increase beyond this level of output and then eventually decline to zero at the level of output QN. which may be termed as the normal profit level of output. Suppose, the firm decides OM to be the minimum required level of profit. In that case the revenue maximizing level of output will be OQR. Note; at the constrained profit level, there is a choice between m and n; n yields larger total revenue, compared to m; and that is why profit-constrained sales maximizing level of output is O which yields revenue of OS. It may be noted that the profit-maximizing level of output will usually be smaller than the sales-maximizing (constrained or unconstrained) output OQ∏

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Explain Different Pricing Practices Economics Essay

Explain Different Pricing Practices Economics Essay

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Explain Different Pricing Practices Economics Essay

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