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Pricing Strategies
A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy. Pricing strategies, tactics and roles vary from company to company, and also differ across countries, cultures, industries and over time, with the maturing of industries and markets and changes in wider economic conditions. Pricing strategies determine the price companies set for their products. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market. Pricing strategies can bring both competitive advantages and disadvantages to its firm and often dictate the success or failure of a business; thus, it is cruci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Drawing By Marguerite Martyn Of Soulard Market, St
Drawing is a Visual arts, visual art that uses an instrument to mark paper or another two-dimensional surface, or a digital representation of such. Traditionally, the instruments used to make a drawing include pencils, crayons, and ink pens, sometimes in combination. More modern tools include Stylus (computing), computer styluses with graphics tablets and gamepads in Virtual reality, VR drawing software. A drawing instrument releases a small amount of material onto a surface, leaving a visible mark. The most common support for drawing is paper, although other materials, such as Paperboard, cardboard, vellum, wood, plastic, leather, canvas, and Lumber, board, have been used. Temporary drawings may be made on a blackboard or whiteboard. Drawing has been a popular and fundamental means of public expression throughout human history. It is one of the simplest and most efficient means of communicating ideas. The wide availability of drawing instruments makes drawing one of the most comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samsung Electronics
Samsung Electronics Co., Ltd. (SEC; stylized as SΛMSUNG; ) is a South Korean multinational major appliance and consumer electronics corporation founded on 13 January 1969 and headquartered in Yeongtong District, Suwon, South Korea. It is currently the pinnacle of the Samsung ''chaebol'', accounting for 70% of the group's revenue in 2012, and has played a key role in the group's corporate governance due to cross ownership. It is majority-owned by foreign investors. Samsung Electronics is the world's List of largest technology companies by revenue, second-largest technology company by revenue, and its market capitalization stood at US$520.65 billion, the 12th largest in the world. It became the world's largest manufacturer of smartphones in 2024. Samsung is known most notably for its Samsung Galaxy brand consisting of phones such as its flagship Samsung Galaxy S series, Galaxy S series, popular midrange Samsung Galaxy A series, Galaxy A series as well as the premium Samsu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Behaviour
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the Purchasing, purchase, Utility, use and disposal of goods and services. It encompasses how the consumer's emotions, Attitude (psychology), attitudes, and Preference (economics), preferences affect Buyer decision process, buying behaviour, and how external cues—such as visual prompts, auditory signals, or tactile (haptic) feedback—can shape those responses. Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an Interdisciplinarity, interdisciplinary social science that blends elements from psychology, sociology, Social Anthropology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics (especially behavioural economics). The study of consumer behaviour formally investigates individual qualities such as demographics, personality lifestyles, and behavioural variables (like usage rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yield Management
Yield management (YM) is a variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource (such as airline seats, hotel room reservations, or advertising inventory).Netessine, S. and R. Shumsky (2002),Introduction to the Theory and Practice of Yield Management INFORMS Transactions on Education, Vol. 3, No. 1 As a specific, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell the right product to the right customer at the right time for the right price. This process can result in price discrimination, in which customers consuming identical goods or services are charged different prices. Yield management is a large revenue generator for several major industries; Robert Crandall, former chairman and CEO of American Airlines, gave yield management its name and has called it "the single most important technical dev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Variable Pricing
Dynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing, and variable pricing, is a revenue management pricing strategy in which businesses set flexible prices for products or services based on current market demands. It usually entails raising prices during periods of peak demand and lowering prices during periods of low demand. As a pricing strategy, it encourages consumers to make purchases during periods of low demand (such as buying tickets well in advance of an event or buying meals outside of lunch and dinner rushes) and disincentivizes them during periods of high demand (such as using less electricity during peak electricity hours). In some sectors, economists have characterized dynamic pricing as having welfare improvements over uniform pricing and contributing to more optimal allocation of limited resources. Its usage often stirs public controversy, as people frequently think of it as price gouging. Businesses are able to change pric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Willingness To Pay
In behavioral economics, willingness to pay (WTP) is the maximum price at or below which a consumer will definitely buy one unit of a product. This corresponds to the standard economic view of a consumer reservation price. Some researchers, however, conceptualize WTP as a range. According to the constructed preference view, consumer willingness to pay is a context-sensitive construct; that is, a consumer's WTP for a product depends on the concrete decision context. For example, consumers tend to be willing to pay more for a soft drink in a luxury hotel resort in comparison to a beach bar or a local retail store. Experimental context In laboratory experiments auctions are conducted, a premise of the experiment is often that "bid = WTP". See also * Cost-benefit analysis * Welfare economics Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. The principles of welfare economics are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamic Pricing
Dynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing, and variable pricing, is a revenue management pricing strategy in which businesses set flexible prices for products or services based on current market demands. It usually entails raising prices during periods of peak demand and lowering prices during periods of low demand. As a pricing strategy, it encourages consumers to make purchases during periods of low demand (such as buying tickets well in advance of an event or buying meals outside of lunch and dinner rushes) and disincentivizes them during periods of high demand (such as using less electricity during peak electricity hours). In some sectors, economists have characterized dynamic pricing as having welfare improvements over uniform pricing and contributing to more optimal allocation of limited resources. Its usage often stirs public controversy, as people frequently think of it as price gouging. Businesses are able to change price ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oligopoly
An oligopoly () is a market in which pricing control lies in the hands of a few sellers. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits. Nonetheless, in the presence of fierce competition among market participants, oligopolies may develop without collusion. This is a situation similar to perfect competition, where oligopolists have their own market structure. In this situation, each company in the oligopoly has a large share in the industry and plays a pivotal, unique role. Many jurisdictions deem collusion to be illegal as it violates competition laws and is regarded as anti-competition behaviour. The EU com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voluntary Association
A voluntary group or union (also sometimes called a voluntary organization, common-interest association, association, or society) is a group of individuals who enter into an agreement, usually as volunteers, to form a body (or organization) to accomplish a purpose. Common examples include trade associations, trade unions, learned societies, professional associations, and environmental groups. All such associations reflect freedom of association in ultimate terms (members may choose whether to join or leave), although membership is not necessarily voluntary in the sense that one's employment may effectively require it via occupational closure. For example, in order for particular associations to function effectively, they might need to be mandatory or at least strongly encouraged, as is true of trade unions. Because of this, some people prefer the term common-interest association to describe groups which form out of a common interest, although this term is not widely used or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ethical Consumerism
Ethical consumerism (alternatively called ethical consumption, ethical purchasing, moral purchasing, ethical sourcing, or ethical shopping and also associated with sustainable and green consumerism) is a type of consumer activism based on the concept of dollar voting. People practice it by buying ethically made products that support small-scale manufacturers or local artisans and protect animals and the environment, while boycotting products that exploit children as workers, are tested on animals, or damage the environment. The term "ethical consumer", now used generically, was first popularised by the UK magazine '' Ethical Consumer'', first published in 1989. ''Ethical Consumer'' magazine's key innovation was to produce "ratings tables", inspired by the criteria-based approach of the then-emerging ethical investment movement. ''Ethical Consumer''s ratings tables awarded companies negative marks (and overall scores, starting in 2005) across a range of ethical and environmental c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Trap
In psychology, a social trap is a conflict of interest or perverse incentive where individuals or a group of people act to obtain short-term individual gains, which in the long run leads to a loss for the group as a whole. Social traps are the cause of countless environmental issues, including overfishing, energy "brownout" and "blackout" power outages during periods of extreme temperatures, the overgrazing of cattle on the Sahelian Desert, the destruction of the rainforest by logging interests and agriculture, and, most importantly, climate change. Origin of the concept The term ''social trap'' was first introduced to the scientific community by John Platt's 1973 paper in ''American Psychologist'', and in a book developed in an interdisciplinary symposium held at the University of Michigan. Building upon the concept of the "tragedy of the commons" in Garrett Hardin's pivotal article in ''Science'' (1968), Platt and others in the seminar applied behavioral psychology concepts to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
