2. services marketing
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The document discusses key differences and challenges in pricing strategies for services compared to products. It notes that for services there is no ownership, variability in inputs and outputs makes it difficult to define a standard unit of service, and many services are hard for customers to evaluate. It also discusses the importance of delivery speed and channel. The document outlines three main approaches to pricing services: cost-based using activity-based costing, competition-based by monitoring competitors, and value-based by relating price to customer perceived value. It emphasizes enhancing gross value through reducing uncertainty, relationship pricing, and low-cost leadership.
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Ad
2. services marketing
- 1. Dr.Jayashree R. Kotnal Asst. Professor , M.Com Vijayapur ASP College of Commerce PRICING AND REVENUE MANAGEMENT
- 2. WHAT MAKES SERVICE PRICING STRATEGY DIFFERENT (AND DIFFICULT)? No ownership of services--hard for firms to calculate financial costs of creating an intangible performance Variability of inputs and outputs--how can firms define a unit of service and establish basis for pricing? Many services hard for customers to evaluate--what are they getting in return for their money? Importance of time factor--same service may have more value to customers when delivered faster Delivery through physical or electronic channels-- may create differences in perceived value
- 3. WHAT MAKES SERVICE PRICING STRATEGY DIFFERENT (AND DIFFICULT)? No ownership of services--hard for firms to calculate financial costs of creating an intangible performance Variability of inputs and outputs--how can firms define a unit of service and establish basis for pricing? Many services hard for customers to evaluate--what are they getting in return for their money? Importance of time factor--same service may have more value to customers when delivered faster Delivery through physical or electronic channels--may create differences in perceived value
- 4. THE PRICING TRIPOD Pricing Strategy Costs Competition Value to customer
- 5. THREE MAIN APPROACHES TO PRICING Cost-Based Pricing Set prices relative to financial costs (problem: defining costs) Competition-Based Pricing Monitor competitors pricing strategy (especially if service lacks differentiation) Who is the price leader? (one firm sets the pace) Value-Based Relate price to value perceived by customer
- 6. ACTIVITY-BASED COSTING: RELATING ACTIVITIES TO THE RESOURCES THEY CONSUME Managers need to see costs as an integral part of a firms effort to create value for customers When looking at prices, customers care about value to themselves, not what production costs the firm Traditional cost accounting emphasizes expense categories, with arbitrary allocation of overheads ABC management systems examine activities needed to create and deliver service (do they add value?) Must link resource expenses to: variety of products produced complexity of products demands made by individual customers
- 7. NET VALUE = (BENEFITS OUTLAYS) Perceive d Benefits Time e Effort Perceived Outlays
- 8. ENHANCING GROSS VALUE Pricing Strategies to Reduce Uncertainty service guarantees benefit-driven (pricing that aspect of service that creates value) flat rate (quoting a fixed price in advance) Relationship Pricing non-price incentives discounts for volume purchases discounts for purchasing multiple services Low-cost Leadership Convince customers not to equate price with quality Must keep economic costs low to ensure profitability at low price
- 9. Thank you
- 10. Thank you