Matakuliah: Manajemen Pemasaran - Menentukan Strategi Dalam Penetapan Harga

Summary

In this video, the speaker delves into the importance of pricing strategies in marketing, emphasizing how crucial pricing is both for businesses and consumers. They highlight the role of pricing in generating revenue and attracting customers while ensuring profitability. The video covers various pricing concepts such as reference prices, price-quality assumptions, and odd pricing, along with real-world examples like Armani’s pricing strategy for its products. Additionally, the speaker discusses common mistakes businesses make when setting prices and explains the psychological aspects of how consumers perceive prices, offering insights for marketers to better align their pricing strategies with consumer expectations.

Takeaways

• 😀 Price is a crucial element in business, especially for marketers and consumers, as it directly impacts purchasing decisions.
• 😀 Pricing aims to generate revenue and profits for companies, requiring careful and strategic decision-making in setting the price.
• 😀 According to Kotler and Keller, price is an element of the marketing mix that generates revenue, and it must align with the product features, distribution channels, and communication efforts.
• 😀 Price is not just a number on a price tag but comes in various forms, including rent, tuition fees, wages, commissions, and more.
• 😀 Historically, prices were determined through negotiation, but with time, the process of price-setting has evolved, influenced by various factors, including market changes.
• 😀 Companies must avoid common pricing mistakes, such as relying solely on cost-plus pricing or not adjusting prices to market changes.
• 😀 A company’s pricing strategy must be aligned with its entire marketing mix, including the product’s market positioning and distribution channels.
• 😀 Understanding consumer psychology is key when setting prices. Consumers’ perceptions of price are influenced by previous experiences and communications from marketers.
• 😀 Example: The same black t-shirt may have vastly different prices due to branding, perceived quality, and exclusivity—such as an Armani shirt priced at $275 versus a similar shirt from other brands priced at much lower amounts.
• 😀 Consumers often use price as an indicator of quality, assuming that higher prices correspond to better quality, a principle known as prestige pricing.
• 😀 A popular pricing strategy involves using odd pricing (e.g., $499 instead of $500), creating the perception of a better deal, even though the price difference is minimal.

Q & A

Why is price an important element in business?

Price is crucial in business because it directly impacts a company's revenue generation. A well-determined price can attract customers while ensuring the business remains profitable and sustainable.

What does Kotler and Keller say about pricing?

Kotler and Keller define price as one of the key elements of the marketing mix that generates revenue. They also highlight that price is the easiest element in the marketing program to adjust, depending on the product features, distribution channels, and communication strategies.

How is price more than just a number on a product label?

Price goes beyond being just a label on a product. It can represent various forms such as rent, wages, fees, or tariffs, each serving different functions in different business contexts.

What are some common mistakes businesses make when setting prices?

Some common mistakes include calculating prices based solely on marginal costs, failing to adjust prices according to market changes, setting prices independently of other marketing mix elements, and not varying prices based on product types, market segments, or distribution channels.

Why do businesses need to adjust prices based on market changes?

Markets are dynamic and can change rapidly, meaning businesses must adjust prices to remain competitive and avoid losing profits. Failing to adjust prices can lead to missed opportunities or financial losses.

What is the concept of 'price perception' in consumer psychology?

Price perception is how consumers view the price of a product based on their knowledge, previous experiences, and the marketing communication they receive. It influences their decision-making, as they may perceive higher prices as an indicator of better quality, even if that’s not always the case.

How do brands like Armani justify their high prices for similar products?

Armani can justify its higher price for a similar product by using premium materials, offering unique design elements, and branding its products as exclusive, such as limited editions. This strategy targets a perception of luxury and exclusivity.

What are the three key pricing considerations for consumers?

The three key considerations are: reference price (comparing the price with what consumers recall or external benchmarks), price as an indicator of quality (where higher prices are often perceived as a sign of better quality), and the 'odd pricing' strategy (where prices end in odd numbers, making them appear cheaper than they are).

What is 'prestige pricing' and how is it applied?

Prestige pricing, or price-quality assumption, is a strategy where businesses set high prices for luxury products to communicate their high quality. This strategy is commonly used for expensive items like perfumes and luxury cars, where the price itself adds to the product's perceived value.

What is the significance of 'odd pricing' in marketing?

Odd pricing, such as pricing a product at $499 instead of $500, is a tactic used to make products appear less expensive. It plays into consumer psychology, as they perceive the slight difference in price as a bargain, even though the difference is minimal.