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  • The concept of price in marketing has significantly evolved over the years. Traditionally, price was viewed merely as a monetary amount customers pay for a product or service. Now, the concept of price extends beyond this simplistic view.
  • It is not just about how much money customers have to part with but about what they get in return. Customers will pay higher prices if they perceive they are getting superior value. This value might come in better quality, enhanced features, exceptional service, or even a unique brand image that aligns with their identity.
  • The emergence of value-based pricing strategies further underscores the shift towards a more customer-centric approach. Rather than basing prices solely on production costs or market averages, businesses are now looking at the perceived value of their offerings from the customers' perspective. They seek to understand what aspects of their product or service customers value most and are pricing accordingly.
  • The evolving concept of price in marketing emphasizes a value exchange. It is about striking a balance where businesses can achieve profitable returns while customers feel satisfied that the price they are paying is justified by the value they are receiving.

Tags

PriceValue based PricingCustomer centric PricingPerceived ValueExchangeValue ExchangePricing StrategiesMarketing

From Chapter 6:

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6.1 : Price and Exchange

Capturing Customer Value: Price to Exchange

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6.2 : The 5 c's of Pricing

Capturing Customer Value: Price to Exchange

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6.3 : Internal Considerations Affecting Price Decisions

Capturing Customer Value: Price to Exchange

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6.4 : External Considerations Affecting Price Decisions

Capturing Customer Value: Price to Exchange

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6.5 : Pricing Methods

Capturing Customer Value: Price to Exchange

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6.6 : Pricing Strategies

Capturing Customer Value: Price to Exchange

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6.7 : Pricing Tactics I

Capturing Customer Value: Price to Exchange

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6.8 : Pricing Tactics II

Capturing Customer Value: Price to Exchange

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6.9 : New-Product Pricing Strategies

Capturing Customer Value: Price to Exchange

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6.10 : Product Mix Pricing Strategies I

Capturing Customer Value: Price to Exchange

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6.11 : Product Mix Pricing Strategies II

Capturing Customer Value: Price to Exchange

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6.12 : Price Adjustment Strategies I

Capturing Customer Value: Price to Exchange

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6.13 : Price Adjustment Strategies II

Capturing Customer Value: Price to Exchange

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6.14 : Price Changes

Capturing Customer Value: Price to Exchange

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6.15 : Public Policy and Pricing

Capturing Customer Value: Price to Exchange

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