Making Informed Pricing Decisions for Business Success

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Learn how pricing decisions impact revenue and profitability in startups. Explore the pricing continuum, strategies, options, and power factors influencing pricing. Discover various pricing concepts to maximize your business's earning potential.

  • Pricing Decisions
  • Revenue Strategies
  • Business Pricing
  • Profit Maximization
  • Pricing Concepts
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Presentation Transcript

  1. PRICING DECISIONS PRICING AND REVENUE

  2. HOW WILL YOUR BUSINESS MAKE MONEY? Why is pricing an important decision for startups? What is the link between prices and revenue? Every firm needs a revenue strategy. Profits = Revenue Costs Need to cover your costs!

  3. PRICING CONTINUUM Competition and other external factors Consumer Perception of Value Product Costs Price Floor Price Ceiling Price

  4. PRICING PROCESS Pricing objective Max revenue Max market share Max profit margin Determine demand Estimate Costs Competitor analysis Select price

  5. PRICING STRATEGIES Cost-based pricing (engineering approach) Value-based pricing (consumer approach)

  6. PRICING OPTIONS Markup Pricing or Cost plus pricing Marginal Cost pricing Keystone Pricing rule of thumb for retail pricing Penetration pricing capture market share quickly Skimming pricing - capture the early adopters

  7. PRICING POWER What affects your ability to set price? Type of good/service Availability of sustitutes Customer sensitivity Market condition (contraction v. expansion, macro)

  8. OTHER PRICING CONCEPTS Psychological pricing (i.e. wine) Bundle pricing (i.e. cable TV) Promotional pricing (i.e. new restaurant) Premium pricing (i.e. apple watch) Freemium model (i.e. apps)

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