Price-wise Pinoy: Tips Sa Tamang Presyo Ng Paninda.
Summary
TLDRIn this video, the host emphasizes the critical role of pricing in business success, focusing on positioning, customer perception, and market share. They advise entrepreneurs to conduct cost analysis, set a desired profit margin, and perform competitive analysis to price products competitively. The host also stresses understanding the target market's purchasing power and the importance of a unique selling proposition. Practical tips are shared for startups to price their fast-moving consumer goods effectively, aiming for a balance between affordability and profitability.
Takeaways
- 😀 Pricing is crucial for product positioning and understanding the target market.
- 😉 The price of a product influences customer perception, with lower prices often associated with lower quality and vice versa.
- 💡 Correct pricing can lead to increased market share and higher income for the business.
- 🔍 Customer loyalty is fostered when customers perceive the product as a good value for money.
- 📈 Word of mouth recommendations are more likely when customers are satisfied with the pricing and quality of the product.
- ⬆️ A competitive pricing strategy can help a business become a market leader in its industry.
- 🚫 Incorrect pricing can lead to reduced market share, lower sales, and missed growth opportunities.
- 👀 A case study of Shaquille O'Neal's experience with Reebok highlights the impact of pricing on customer accessibility.
- 📊 For new entrepreneurs, practical tips include conducting cost analysis, determining desired profit margins, and performing competitive analysis.
- 🎯 Identifying the target market's purchasing power and conducting market research on similar products is essential for setting the right price.
Q & A
What is the importance of pricing a product correctly?
-Pricing a product correctly is crucial for positioning, perception, market share, and profitability. It helps determine the target market, influences customer perception of quality, and can affect market share and customer loyalty.
How does pricing affect the perception of a product's quality?
-A product priced lower may be perceived as of lower quality, while a higher price can suggest better quality. However, the target market's purchasing power and the product's unique selling proposition (USP) also play significant roles.
What is the role of market research in determining the right price for a product?
-Market research helps identify the target market's purchasing power, understand competitors' pricing, and assess the market for similar products. This information is vital for setting a competitive and effective price.
Why is it important to consider the target market's purchasing power when pricing a product?
-Considering the target market's purchasing power ensures that the product is affordable to the intended customer base, increasing the chances of sales and market penetration.
What is a unique selling proposition (USP) and how does it influence pricing?
-A USP is a distinctive feature or benefit that sets a product apart from competitors. If a product has a strong USP, it may be priced higher because it offers something unique that customers are willing to pay for.
How can a company ensure its product is priced competitively?
-A company can ensure competitive pricing by conducting cost analysis, setting a desired profit margin, performing competitive analysis, and adjusting the price based on the target market's purchasing power and the product's USP.
What is the potential negative impact of not pricing a product competitively?
-Not pricing a product competitively can lead to reduced market share, missed growth opportunities, and difficulty in expanding the business due to lack of sales and customer interest.
Can you provide an example from the script about the consequences of incorrect pricing?
-The script mentions Shaquille O'Neal's experience with Reebok, where he terminated his agreement after a mother complained about the high price of his shoes, leading him to create his own affordable brand.
What are some practical tips for pricing a product competitively as mentioned in the script?
-Some tips include conducting a cost analysis, determining the desired profit margin, performing competitive analysis, identifying the target market's purchasing power, and considering the product's USP.
How can a company adjust its pricing strategy if the market does not respond well to the initial price?
-If the market does not respond well, a company can offer discounts, re-evaluate its pricing based on competitive analysis, or adjust its target market to better align with the product's pricing.
What is the significance of the final price in a pricing strategy?
-The final price is significant as it determines the product's market acceptance and profitability. It should be set considering the target market's price expectations and the product's value proposition.
Outlines
💼 Pricing Strategy for Business Success
The speaker emphasizes the critical role of correct pricing in product positioning and market perception. They discuss how pricing can affect market share, customer loyalty, and ultimately, business growth and profitability. The importance of understanding the target market's purchasing power is highlighted, and the speaker shares a story about Shaquille O'Neal to illustrate the consequences of mispricing. The narrative suggests that competitive pricing is essential for market share and business growth, and it provides practical tips for entrepreneurs to price their products effectively.
📈 Competitive Analysis and Market Research for Pricing
This paragraph delves into the practical aspects of competitive analysis and market research for setting product prices. The speaker advises on conducting cost analysis, determining desired profit margins, and comparing prices with competitors to ensure competitiveness. They stress the need to understand the target market's purchasing power and to identify the unique selling proposition (USP) of the product. The speaker provides an example of their own pricing strategy for books, targeting the middle class, and suggests starting with a competitive price and adjusting based on market feedback. The paragraph concludes with an invitation for questions and a reminder of the importance of pricing in product launch and business success.
Mindmap
Keywords
💡Pricing
💡Target Market
💡Positioning
💡Perception
💡Market Share
💡Profit Margin
💡Competitive Analysis
💡Purchasing Power
💡Unique Selling Proposition (USP)
💡Word of Mouth
💡Discount Strategy
Highlights
The importance of correctly pricing products for market positioning and to avoid failure.
Pricing affects customer perception: low price may imply low quality, high price may suggest high quality.
Correct pricing can lead to market share and increased income.
Customer loyalty is linked to pricing, especially for value-conscious buyers.
Word of mouth recommendations are more likely with properly priced products.
The negative impact of incorrect pricing includes reduced market share and missed growth opportunities.
A story about Shaquille O'Neal's experience with pricing and its effect on his endorsement deal with Reebok.
Tips for beginners on how to price products competitively in the FMCG sector.
The necessity of cost analysis in determining the production cost of a product.
Understanding the desired profit margin is crucial for pricing strategy.
Conducting a competitive analysis to adjust pricing in comparison to the market.
Identifying the target market's purchasing power is key to setting the right price.
The importance of a unique selling proposition (USP) in pricing strategy.
A suggested pricing strategy for new products to enter the market effectively.
The significance of pricing in the context of launching a successful product.
Invitation for questions and further discussion on the topic of pricing for future videos.
Transcripts
aalamin po natin yan kasi kung nagkamali
kayo right from the start naku failure
na
yan yung mga target market mo kahit na
gusto niyang bilhin ng produkto mo but
cannot
afford videos that will make you wealthy
and Deb
free curious ka ba kung paano mo malaman
kung paano mo prey uhan ang produkto o
tinitinda mo kung yan ang tanong mo at
nais mo ito ang video na hinihintay mo
hi there shinkan your pambansang world
coach super excited po ako para sa mga
kapwa nating mga entrepreneurs at the
same time gustong magnegosyo usapang
presyuhan po tayo Paano kayo kumita
paano ba maglagay ng tamang presyo Ano
bang masamang epekto sa negosyo kung
mali ang inyong pagpepresyo okay Kaya
umpisahan na po natin alam mo
pagpepresyo ng produkto is very
important no ah Bakit number one it's
for your positioning positioning
purposes no parang Min si positioning
purposes para malaman mo sino ba talaga
ang target market mo ang target mo ba
yung masa ah Tapos or ung middle class o
yung mga mayayaman aalamin po natin yan
kasi kung nagkamali kayo right from the
start naku failure na yan number two ang
pricing R also forms what we call yyung
perception ng iyong customer Syempre ang
isang produkto ah pag pinasan natin na
medyo mababa Ay syempre sabihin namga ay
naku mura yan sirain yan pag pinosohan
mo naman mataas ' ba ay sabihin ay naku
quality yan pero again Depende ha kung
sinong target market mo and then number
three ang kagandahan Pag tama ang presyo
ng produkto mo youl be able to get
market share Min market share Eh syempre
makukuha mo yyung target market that you
want to reach e and then pag dumami ang
market share mo Syempre ibig sabihin yan
e tataas ang income mo pangapat ang
kagandahan din dito since naalam na alam
mo yung target market mo based on your
market yyung price Eh magkakaroon ka ng
customer loyalty lalo na yung mga
tinatawag nating sulit buyers and then
natuwa sila sa presyo ay sobrang sulit
Ong product na ito magkakaroon ka ng
word of mouth recommendation and ang
ending yan syempre tataas ang kita mo at
syempre naman eh Ikaw yung magiging
number one Oo number one sa iyong
industry at I'm sure Lahat naman tayo
gusto natin maging number one ' ba Ano
naman ang magiging ano ah negative
repercussion if you don't price your
product competitively number one ito
Syempre mababawasan ka ng market share
Syempre wala kang benta o if not naman
wala kang kita o not only that yung mga
target market mo kahit na gusto nang
bilhin ng produkto mo but cannot afford
' ba Naalala ko tuloy yung ano eh ah
yung parang kwento ni shakil o'neil nung
nagawa siya ng isang ano endorsement
para sa isang shoe brand na Rebook Oo at
nung kinuha siya $0 per shoe a 1990 yun
Tapos may isang isang nanay talaga o
2000 yata n may isang nanay talagang sa
dugout sinasabi niya to sh but the price
of your shoes at Rebook is so expensive
we cannot afford it tapos alam mo sinabi
ni ano shock Binigyan niya ng $2,000
para makabili yung ano ang nanay ng ano
sapatos para sa kanak Hindi tinanggap ng
nanay saabi niya babaan mo na lang yung
presyo mo para ma-afford namin So Alam
mo ginawa ni shock naku tinerminate niya
yung agreement niya with Rebook
pagkatapos gumawa siya ng sariling brand
niya tapos binenta niya yung sapatos ni
brand niya from 15 to 0 Grabe So yun ah
talagang Napakagandang istorya niyan and
then also ah pagka mali ang pricing mo
mahirapan ka talaga mag-expand kasi wala
kang benta at the same time Syempre you
will miss on growth opportunities ang
daming mga repercussion Kaya nga kung
gusto niyo ah kung gusto niyo malaman
Paano natin puhan ng tama Eto na ito na
ito na pero bago tayo pupunta sa
presyuhan kamustahin na natin si Ruben
lad sabal Si bang carera at the same
time si Lux sarino
7211 Yes shoutout so para hindi Hindi
naman na mahirapan lalo na para sa mga
taong nag-uumpisa Okay para sa mga taong
nag-uumpisa ha Ito po Bibigyan ko na
kayo ng mga practical tips on how to
price your product competitively Let's
start with muna the fmcg ano iung fmcg
fast moving Consumer goods kailangan
muna Syempre yung mabilis mabilis mabili
' ba yung mga tubig mantika asukal Asin
mga ganon ah fmcg yan so first cost
analysis muna tayo calculate muna natin
kung magkano po ang magiging puhunan
ninyo para ma-produce niyo ang iyong
produkto isama mo na ung raw materials
ah isama mo na ung Syempre packaging
delivery marketing transportation cost
that's number one and number two alamin
mo na rin Syempre kung magkano ang gusto
mong profit margin Okay profit margin
magkano gusto mo tu buuin 10% 20% 50%
para maging compensated naman yung
effort mo Okay so that's number one
number two Gawa tayo ng tinatawag na
competitive analysis check na muna natin
ung mga market ung kalaban mo o kyan may
kalaban kang tindahan nagbebenta siya ng
isang litrong langis o Magkano naman
yung SAO magkano sa kanya ' ba
mag-adjust kayo ika nga mag-compare kayo
ng pricing para malaman mo talaga
Napakahirap kasi if you out price
yourself in the market agree mas maganda
kung competitive ka at kung mas mataas
ang presyo mo dapat meron kang
pagkakaiba na wala sila m number three
after na check na natin yung competition
para sa price no Ah pwede ka ng
mag-check ng target market di ba ngayon
iche-check mo na yung target market mo
identify mo na yung purchasing power
niya o target mo ba masa middle class o
mayaman ' ba mag-market research ka on
the similar product Ano ba Iyung price
segmentation mo Like for example ako
perfect sample I will tell you yyung mga
products na ginagawa ko specifically
with mga book ang target market ko
talaga is damasa ah kasi mga books
talaga Di ba 400 Php500 php900 ang libro
pero How many people can afford that
price so I price my may product at
Php150 Php150 ang aking products so kasi
yan ang target market ko more on the
middle class lower yan ang target mo
kayang-kaya niung 150 and then next
check also para mapr presyuhan mo tama
yung tinatawag nating usp What is your
unique selling proposition na pwede mong
ilagay sa iyong product na para ikaw
lang ang pwedeng bilhan kasi pag may usp
po Kayo kayo lang meron Pwede niyo
presyuhan ng produkto niyo na mas mataas
kung hindi nabibili at hindi kayang
i-offer ng iba yan ang isang tinatawag
nating advantage ha kaya i-check mo rin
kung may USB ka on my end talaga In
Reality ah yyung products ko
specifically may USB yan eh kasi ako
lang naman nagsulat niyan kaya wala
siyang comparison But still I want to
price my product competitively Kaya
after that ito na iyung final no ah
Iyung pricing strategy na ' ba pricing
strategy na kailangang malaman mo na ano
Ma yung final price na gusto mong
i-introduce sa market para maging
effective Alam mo ito lang suggestion ko
ah you can start really Huwag niyong
masyadong High yung talagang kunyari ang
target market mo ang target price mo
nasa Php5 pwede mong ibenta siguro ng
Php 885 ' ba and then pagka kinagat ng
market at ph8 stick ka doon pero pag
hindi kinagat ' ba since ang target na
75 sabihin mo we are giving 15% discount
para papasok ka pa rin sa target price
mo that is how you price your target
market o Guys kung may mga questions pa
kayo regarding this topic na ito itong
topic ng pricing no Please do not
hesitate Huwag kayong magdalawang isip
no ah magpadala ng message at magpadala
ng questions here para sa next video ko
iyan ang tatalakay ko pricing FYI is
only one of the most important thing in
terms of releasing and launching a
product marami pa pong ingredients at
saka mga contents na kailangan po nating
pag-aralan Para maging successful ang
inyong business
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