An introduction to the subject of Pricing Strategy and an overview of some of the tools and theories available in connection with the determining of price of a product or a service. This video is aimed at marketing management students.
TLDW: A pricing strategy is a process for determining the most effective price for a product or service. It can assist you in setting prices to maximize profits while taking customer and market demand into account. Additionally, it is important to set the “right” price because if you set the pricing of your products too high then you are Rasing the bar of entry and reducing the number of potential customers you will get, but setting the price of your products too low, can affect the way people view your product, and they might think that it isn't of good quality. If you set your prices too low, it might make a potential customer assume that the products are of low quality, and so they may choose to not look at your products and see their quality themselves just because of the price. One tool regarding how to determine a pricing strategy is cost-oriented pricing. This is where we would set the product price depending on the cost of the different processes involved in creating the process. -for all my fellow marketing students
Thank u that was so helpful for my masters exam study . Ur alife saver . The video was well explained and easy to understand the idea o price strategies and the connections with marketing mix
I am pleased to hear that you found the video helpful for your marketing plan assignment. Thank you for your comment. And best of luck with your assignment. Regards, Tine Wade.
Hi Tine. In just lest than 9 minutes you described the concept of pricing strategy very efficiently. I am not MBA or any business student , I am just college graduate with no background of Marketing or Business Knowledge..I must say that your video even made me understand how the Pricing strategy works. I work as Export Sales Manager for a Wheat Flour Industry and regularly require to plan pricing for each market and individual customers. Now It will be more easy to decide what pricing strategy I will apply before quoting to customer. Thanks and Regards Tariq
Dear Tariq. You are welcome. And thank you for your comments. Sometimes a few simple guidelines can make a big difference, so I am pleased to hear that you have gained valuable knowledge, which you feel you can use in your daily work. Regards, Tine
Dear Julia. Thank you for your comments. I am pleased that you found this video about Pricing Strategy useful. Yes, I have made 5 videos in total about the Marketing Mix ("Pricing Strategy", "Defining Products", "Distribution Strategy", "Integrated marketing campaigns", "The Global Marketing Mix"). You can see all of them if you click on my channel and then on the tab, videos. I hope you will find them useful too. Regards, Tine
Thank you for your feedback. Yes, you are right. Some white noise can be heard in the audio on this video. I have since found a better setting when recording the voice over. This improves sound quality and removes "white noise". The more recent videos on my channel should reflect this (Internationalization proces playlist).
@@ivanvanechok1679 👍 I appreciate the feedback, and find it polite to respond. As long as everyone keeps a good tone of course, and almost everyone does. And for some reason I just saw your comment now, 3 weeks after you posted it :). Well, better late than never. Kind regards, Tine Wade.
Dear Imara. Thank you for your comment. I would like to create more videos about the different tools and theories used in pricing strategy. I will have your wish in mind, as and when time permits me creating more videos. Regards, Tine.
Hi Ms. Tine Great video I'm iranian and i Mba student. If you let me i can translate your videos to persian language and share this Between my friends and my people can i do this?
Dear Hamidreza Bakhtiari. Thank you for your comment and your interest in sharing my videos with your network. My videos are produced under the Creative Commons license. To be specific, the license used is called CC BY-NC-SA. You are welcome to share and adapt (for example translate) my videos as long as you give appropriate credit to me in a way that doesn't suggest the licensor (me) endorses you or your use of the material. The videos must not be used for commercial purposes, and the same creative commons license must be used in your adapted work. You can find the complete explanation of this license on the creative commons website: creativecommons.org/licenses/by-nc-sa/4.0/. If you are in doubt, feel free to ask. Regards, Tine Wade.
Hi Carey Miller. Correct, the sound quality of this, my first videoscibe production, could be better. I hope you were able to gain some learning from the video anyway. To answer your question, videoscribe lets you choose the drawing and writing actions you wish to use -with or without hand, pens etc. The options are many :)
Thanks for the 10/10 for everything else :). I will "fix the damn sound quality" if I get time one day. This was one of my first production, when I didn't have any experience in sound, and no real microphone for recording. And I agree -the sound could be a lot better. I hope you recovered from the pain. I guess from a free channel, you will have to live with it or move on ;) No hard feelings either way. I wish you all the best. Regards, Tine
Dear Shmalentine. Thank you for your feedback. You are absolutely right, the audio is not perfect in this video. I experienced some difficulties in balancing the volume levels in music/voice and had a less than perfect microphone for the recording. I have sinced learnt to apply different techniques, which my later uploaded productions should reflect. I hope you were able to gain some insight anyway.
Not telling anyone what to do but my personal preference would be no music at all. It is very distracting regardless of how quiet it is. As long as it is audible (or even perceptible) my brain can't fully concentrate on the material presented. If you must have music at least don't make it the repetitive kind which plays the same 4 chords over an over as if hammering tiny nails into the brain. :) Again, this is just my personal preference. Thank you for making the video. Cheers.
:-) Thanks for the very graphic description of how the music obstructs your learning :-) Nails in brains was not the intended effect for sure. I will take your feedback into consideration. Have a nice day :-)
Hello Greg. Thank you for your feedback. I tend to agree with you to some extent. This video production (Pricing strategy) was my first, and I was getting familiar with the technical options as I produced. In my more recent productions I have made more frequent use of the "no hand" option for the writing of text. Now I actually think that it creates some dynamics when making use of a combination of different writing options - some with the hand, some without, some with a coloured pen, as and where appropriate. And sometimes. less is more :). it is always a balance, and also different what the different viewers like. Thanks for engaging and providing your feedback. Regards, Tine
