Ebook Principles of marketing (7/E): Part 2
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Ebook Principles of marketing (7/E): Part 2
CHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2ix tool for both creating and capturing customer value. You explored the three main pricing strategies customer value based, cost based and competition based pricing and the many internal and external factors that affect a firm's pricing decisions. In this chapter, we ll look at some addi tional pri Ebook Principles of marketing (7/E): Part 2cing considerations: new product pricing, product mix pricing, price adjustments, and initiating and reacting to price changes. We close lhe chapter wEbook Principles of marketing (7/E): Part 2
ith a discussion of public policy and pricing.To Start, let s examine the importance of pricing strategy in sport. Our case looks at the pricing approCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2egy recognises that real fans will travel long distances for the elusive goal of high-quality football combined with a fanatic atmosphere!Objective outline►objective 1 Describe the major strategies for pricing new products.New product pricing strategies (pp. 314-315)►Objective 2 Explain how companie Ebook Principles of marketing (7/E): Part 2s find a set of prices that maximises the profits from the total product mix. Product mix pricing strategies (pp. 315-317)►Objective 3 Discuss how comEbook Principles of marketing (7/E): Part 2
panies adjust their prices to take into account different types of customers and situations.Price adjustment strategies (pp. 318 324)►Objective 4 DiscCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2that affect pricing decisions.Public policy and pricing (pp. 328 330)312www.downloadslide.netBorussia Dortmund: supporting a fair priceby Leif Brandes, Warwick Business SchoolFootball made in Germany is becoming increasingly popular - and not only among German supporters who might still be in a drea Ebook Principles of marketing (7/E): Part 2m-like trance after Germany's victory in the 2014 FIFA World Cup final. In addition. German football has also managed to attract some of its fiercestEbook Principles of marketing (7/E): Part 2
critics from the past: English football fans. According to a recent BBC article, more than 1,000 supporters are leaving their country each weekend to CHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2d in the Ruhr area. Ballsportvercin Borussia 09 e.v. Dortmund (BVB) was founded in 1909. and is now one of the most successful clubs in the German Bundesliga. In 2010 and 2011, the club won the national championships twice, and the national cup once. In the following two years, the team finished the Ebook Principles of marketing (7/E): Part 2 league second behind Bayern Munich, and reached the ULFA citampions League final in 2013 (where they lost to Bayern Munich in the first ever German fEbook Principles of marketing (7/E): Part 2
inal). This outstanding sporting performance also shows up in the team's stock price: from 2010 to 2014, BVB's stock market value increased by an imprCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2 their fans, who create an incredible stadium atmosphere during the games.Borussia Dortmund's slogan 'eihle lìi-bé means ‘true love', and supporters stand by it. Need an example'’ I low about this: wfK’n Dortmund reached the 2013 champions League final, the club received 502,56/ applica tions for 24 Ebook Principles of marketing (7/E): Part 2,042 tickets. Not bad for a city with a total population of 580,956. The fans' true love also shows up in attendance figures for Burrdesliga IwrrK' maEbook Principles of marketing (7/E): Part 2
tches: with a stadium capacity of 80,64J. Dortmund has an average attendance of 80,291. which makes it currently lire higlx.'sl in the world. 25,000 oCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2dary and even feared by Ollier teams: when asked wlrether he was more scared of Dortmund's players or manager Bayern Munich and Germany midfielder Bastian Schweinsteiger responded: It is the yellow wall that scares me the most. Fager to become part of this atmosphere in every home game 30,000 people Ebook Principles of marketing (7/E): Part 2 are currently on the club's waiting list for one of tlx? 55.000 season tickets.With such a degree of excess demand, many football clubs around the woEbook Principles of marketing (7/E): Part 2
rld would be tempted to raisetheir prices - especially if current prices are as low as in Dortmund where season ticket holders pay, on average, just €CHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2 end, the club recently refused caterers' requests to increase die beer price for the first time in three years. Similarly. Dortmund said no when their shirt manu faclurcr. Puma, urged thorn to increase the price of the kit for the first time in three years.The club understands that fans are co-prod Ebook Principles of marketing (7/E): Part 2ucers in creating an unforgettable match experience for every visitor, and place this experience before revenues. For example. Dortmund do not sell drEbook Principles of marketing (7/E): Part 2
inks in their corporate boxes during the game to make surethat fans spend the match time supporting the team by clapping and singing. In a similar veiCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2oney buying food and drink, but this would reduce product quality in the eyes of officials. 'We are a football club,' says marketing director Carsten Cramer. If the football doesn't run properly, the rest of the business would not work The business is part of a train, but not the engine.'Dortmund's Ebook Principles of marketing (7/E): Part 2business philosophy is what makes the experience so affordable for every member of society. not just the rich and old. Even the British fans are thrilEbook Principles of marketing (7/E): Part 2
led about the low cost: 'We make a weekend of it. With tickets, accommodation, transport, this trip will cost €82. When you think it cost me €64 to seCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2all league.Scarce: Alexandre SJmces/ rinniv.u DarlmurxVGcity Imagm313www.downloadslide.netThe high prices in England have changed the composition of fans who can afford to attend the matches. Says a Dortmund fan: 'When I was young, we all watched English football, the Kop and said "yes, that is what Ebook Principles of marketing (7/E): Part 2 football is all about" Now, when we go to English football, the stadiums are quiet and we say tlwt it is actually quite boring. If you price people oEbook Principles of marketing (7/E): Part 2
ut, you change the atmosphere. If you price people out. it isn’t the people's game anymore.' Another English fan agrees: ’Prices are too high in EnglaCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2s in substantial forgone revenues that not every club around the world would be willing to bear, lake Arsenal, London, for example Despite having 20,000 fewer seats, the amount of money the club generates on match days dwarfs that of the BVB. In times when clubs generate a significant part of revenu Ebook Principles of marketing (7/E): Part 2es from success in international competitions like the Champions League, a team's spending power becomes an important competitive advantage. So wfiy dEbook Principles of marketing (7/E): Part 2
oes Dortmund continue leaving money on the table every single home match?The answer is simple: because the club is owned by the fans. This particular CHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing mi Ebook Principles of marketing (7/E): Part 2ubs in the Bundesliga are owned or controlled by their members, with Wolfsburg, Leverkusen and I loifenheim the exceptions. It is thus clear that low ticket prices are likely to prevail in Germany as long as the fan is king and many kings there are: according to a recent Deloitte report, the Bundesl Ebook Principles of marketing (7/E): Part 2iga is now the number one European football league in terms of weekly attendance figures and profitability?Author commentrtidng new products can be esEbook Principles of marketing (7/E): Part 2
pecial y challenging, lust think atxxx all the things yoi/d nerd to crxwder in pncng a new fm.vrphnne, vy th? first *ppl? IPhone hen more, you need tnCHAPTER ELEVENPricing strategies: additional considerationsChapter previewIn the previous chapter, you learned that price is an important marketing miGọi ngay
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