Join Drew Boyd for an in-depth discussion in this video Setting prices, part of Marketing Fundamentals.
- Setting prices is the quickest of the four P's,…but that doesn't mean it's the easiest.…In fact, making a mistake here can be very costly,…in terms of lost revenue,…as well as sending the wrong signal to the market…about your products and services.…Let's start with some definitions.…To be successful at pricing,…you need to understand the difference between…a product's cost, its price, and its value.…The cost of the product is all the direct and indirect…expenses that you experience as the manufacturer…to make the product.…
Things like raw materials and labor, for example.…Price is what a consumer has to pay to acquire the product.…A price is a signal, a piece of information.…About what, you might ask.…About the value.…Value is what the consumer gets out of the product,…the collective set of benefits delivered by the product.…The most common mistake in pricing…is setting it based on your costs.…It may seem counter-intuitive,…but price is unrelated to costs.…
Your customer doesn't care what it cost you…to produce the product.…
You'll also learn to address tactical challenges and present the plan to get buy-in throughout an organization, from the C-suite to the sales team, as well as use the marketing plan to guide outside agencies and vendors. Finally, you'll learn how to launch the campaign and measure its performance.
- Marketing in an organization
- Assembling the team
- Creating the marketing plan
- Analyzing your products, customers, and market
- Segmenting customers
- Creating a value proposition
- Developing a strategy
- Setting goals
- Setting prices
- Using social media
- Presenting your plan to leadership
- Budgeting your plan
- Measuring success
Skill Level Beginner
Understanding Marketing's Role
Analyzing Your Business
Developing Your Strategy
Developing the Tactical Phase
Aligning the Organization
Launching and Measuring Your Plan
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