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Principles of Marketing, 17/e
book

Principles of Marketing, 17/e

by Philip T. Kotler, Gary Armstrong
January 2017
Beginner content levelBeginner
580 pages
160h 2m
English
Pearson
Content preview from Principles of Marketing, 17/e

Chart explains the approaches by two different flows, one below the other.

The top one is about "Cost-based pricing." The pricing is shown as 4-steps in sequence. Each step is connected to the next by an arrow. The 4-steps are:

  1. Design a good product

  2. Determine product costs

  3. Set price based on cost

  4. Convince buyers of product's value

The lower one is about "Value-based pricing." This is shown as 4-steps in sequence. Each step is connected to the next by an arrow. The 4-steps are:

  1. Assess customer needs and value perceptions

  2. Set target price to match customer-perceived value

  3. Determine costs that can be incurred

  4. Design product to deliver desired value at target price

A note tagged to the first step of "Value-based pricing" reads "Costs play an important ...

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Publisher Resources

ISBN: 9780134492513