Need to learn about perfect price discrimination and how it is apply? Companies often experiment with different pricing policies to determine those optimal conditions which can generate maximum profit for the enterprise. Furthermore, testing with different systems also gives them an idea of the policy which can give them more control over product pricing and to get the most out of it. Some companies charge by the quality difference of the same product, while some charge different customers with different prices even for the same services and products (and that’s what we know as perfect price discrimination). Price discrimination, one of the most common pricing policies, is the practice of charging differently to different customers, i.e., either individually or grouped. Moreover, with its three degrees (first, second and third degrees respectively) in action, companies move one hand further at taking some more bucks out of their customers’ pockets. So, what is perfect price discrimination?
Marketing management are the organizational principal on the basis of which we apply all the marketing tactics, methods and strategies insides the business enterprises, firms or companies. These marketing management principals set the rules and regulation for every employees of the business organization. We may also says that practically implementation of marketing orientation, techniques and methods is known as marketing management.
We always need to set the pricing objectives first. We can never set a price blindly on this hope to earn profit. Without a proper pricing strategy, no business can expect to survive in the competitive market today. And what leads to that strategy? Well! That’s no other than the accurate identification of pricing objectives. Identifying the purposes of setting up the pricing is the first step towards a robust pricing strategy. Although survival is not the only goal, the business people have in their minds about their businesses, but also to prosper by generating a lot of income from it. Therefore, pricing objectives may vary significantly from business to business depending upon the current situations that the brand is facing, the mindset of the management team, rise, and downfall in supply and demand, etc.
Penetration pricing is the market concept adopted for a new product to be launched in a market with low prices, so that it may penetrate in the market and can gain its position among-st the rivals. This strategy is implemented by the marketers for achieving the high ratio of sale for their new product by keeping it economical. By using this idea you can diffuse new product in a previously existed market in which there are huge rivals. You can keep your price low and compete in the market.
Public service advertisement is a type of marketing that is circulated in the market without any cost and is for the public welfare. These are designed and broadcast for the societal improvements and for collective wellbeing of community as a whole. Also these are broadcast by the mass media to let the general public know and inform about the social matters. Along with the attraction the public service advertisement always have some specific purpose behind its agenda. Public service advertisement evolved after the First World War and instead of making money, it is for covering some specific agenda and to resolve some societal problem in a disguised form.
The Consumer Adoption Process is a 5 step mental process by which all the customers/ consumer go through while adopting a product from learning about a new product to becoming a happy loyal user of that product or to decline/reject the product completely. The process of a consumer of moving from a cognitive state toward the emotional state and finally reaching towards the behavioral or conative state is another way to explain Consumer Adoption Process.