EVENT SALES AND MARKETING
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EventSalesandMarketingPart4.pdf
11/20/2020
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KAUFT King King Abdul-Aziz university university
FACULTY OF TOURISMFACULTY OF TOURISM
EVENT SALES AND MARKETING
EM 603
Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Learning Objectives By completion of this presentation You should be able to:
Define a price and discuss the importance of pricing.
Identify and discuss the three major pricing strategies.
Identify and define the other important external and internal factors affecting a firm’s pricing decisions.
Discuss how companies adjust their prices to take into account different types of customers and situations.
Recommended Textbook:
Kotler, P. (2002) Marketing management, Millennium Edition, Pearson Custom Publishing, USA.
Kotler, P. and Armstrong, G. (2012) Principles of Marketing,, 14th ED., Pearson Prentice Hall, Boston.
Sian, L.T., Subramonian , H., Tung , L., San, W.H., Hui , K.H.K. and Kulampalil , T.T. (2009) Fundamentals of Hospitality and Tourism Management, Open University Malaysia (OUM).
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
2
Brainstorming Group work ActivityBrainstorming Group work Activity
What is meant by: Price, and Value for Money,
……….. ……….. ………..
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
What Is a Price?What Is a Price? Price is the amount of money charged for a product or a service.
It is the sum of all the values that customers exchange for the benefits of having or using the product or service.
It has been the major factor affecting buyer choice.
In recent decades, non-price factors have gained increasing importance. However, price still remains one of the most important elements that determines a firm’s market share and profitability.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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What Is a Price?What Is a Price? Price is the only element in the marketing mix that produces revenue; all other elements represent costs. Price is also one of the most flexible marketing mix elements. Unlike product features and channel commitments, prices can be changed quickly. pricing is the number-one problem facing many marketing executives, and many companies do not handle pricing well. Some managers view pricing as a big headache, preferring instead to focus on other marketing mix elements. However, smart managers treat pricing as a key strategic tool for creating and capturing customer value.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Major Pricing StrategiesMajor Pricing Strategies
The price the company charges will fall somewhere between one that is too high to produce any demand and one that is too low to produce a profit. Figure 1 summarizes the major considerations in setting price: 1. Customer perceptions of the product’s value set the ceiling for prices. If customers perceive that the product’s price is greater than its value, they will not buy the product.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Major Pricing StrategiesMajor Pricing Strategies
2. Product costs set the floor for prices. If the company prices the product below its costs, the company’s profits will suffer. In setting its price between these two extremes, the company must consider several internal and external factors, including: Competitors’ strategies and prices, The overall marketing strategy and mix, and The nature of the market and demand.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Major Pricing StrategiesMajor Pricing Strategies Figure 1 suggests three major pricing strategies: customer value-based pricing, cost-based pricing, and competition-based pricing.
Figure 1: Considerations in Setting Price
If customers perceive that a product’s price is greater than its value, they won’t buy it.
If the company prices a product below its costs, profits will suffer.
Between the two extremes, the “right“ pricing strategy is one that delivers both value to the customer and profits to the company.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Customer ValueCustomer Value--Based PricingBased Pricing
In the end, the customer will decide whether a product’s price is right.
Pricing decisions, like other marketing mix decisions, must start with customer value.
When customers buy a product, they exchange something of value (the price) to get something of value (the benefits of having or using the product).
Effective, customer-oriented pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures this value.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Customer ValueCustomer Value--Based PricingBased Pricing Customer Value-Based Pricing uses buyers’ perceptions of value, not the seller’s cost, as the key to pricing. Value-based pricing means that the marketer cannot design a product and marketing program and then set the price. Price is considered along with all other marketing mix variables before the marketing program is set. Figure 2 compares value-based pricing with cost-based pricing.
Figure 2: Value-Based Pricing Versus Cost-Based Pricing
Costs play an important role in setting prices. But, like everything
else in marketing, good pricing starts with the customer.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Customer ValueCustomer Value--Based PricingBased Pricing Although costs are an important consideration in setting prices, cost-based pricing is often product driven.
The company designs what it considers to be a good product, adds up the costs of making the product, and sets a price that covers costs plus a target profit.
Marketing must then convince buyers that the product’s value at that price justifies its purchase.
If the price turns out to be too high, the company must settle for lower markups or lower sales, both resulting in disappointing profits.
Value-based pricing reverses this process.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Customer ValueCustomer Value--Based PricingBased Pricing
The company first assesses customer needs and value perceptions. It then sets its target price based on customer perceptions of value. The targeted value and price drive decisions about what costs can be incurred and the resulting product design. As a result, pricing begins with analyzing consumer needs and value perceptions, and the price is set to match perceived value. It’s important to remember that “good value” is not the same as “low price.” For example, a Steinway piano—any Steinway piano—costs a lot.
But to those who own one, a Steinway is a great value
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Customer ValueCustomer Value--Based PricingBased Pricing
Companies often find it hard to measure the value customers will attach to its product.
For example, calculating the cost of ingredients in a meal at a fancy restaurant is relatively easy.
But assigning value to other satisfactions such as taste, environment, relaxation, conversation, and status is very hard.
Such value is subjective; it varies both for different consumers and different situations.
Still, consumers will use these perceived values to evaluate a product’s price, so the company must work to measure them.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Customer ValueCustomer Value--Based PricingBased Pricing Sometimes, companies ask consumers how much they would pay for a basic product and for each benefit added to the offer.
Or a company might conduct experiments to test the perceived value of different product offers.
According to an old Russian proverb, “there are two fools in every market—one who asks too much and one who asks too little”.
If the seller charges more than the buyers’ perceived value, the company’s sales will suffer.
If the seller charges less, its products sell very well, but they produce less revenue than they would if they were priced at the level of perceived value.
We now examine two types of value-based pricing:
Good-value pricing and
Value-added pricing.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Customer ValueCustomer Value--Based PricingBased Pricing
Good-Value Pricing:
Recent economic events have caused a fundamental shift in consumer attitudes toward price and quality.
In response, many companies have changed their pricing approaches to bring them in line with changing economic conditions and consumer price perceptions.
More and more, marketers have adopted good-value pricing strategies—offering the right combination of quality and good service at a fair price.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Customer ValueCustomer Value--Based PricingBased Pricing Good-Value Pricing:
In many cases, this has involved introducing less-expensive versions of established, brand- name products.
To meet tougher economic times and more frugal consumer spending habits, fast- food restaurants such as Taco Bell and McDonald’s offer value meals and dollar menu items.
ⓞ For example, passengers flying the low- cost European airline Ryanair won’t get much in the way of free amenities, but they’ll like the airline’s unbelievably low prices.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Customer ValueCustomer Value--Based PricingBased Pricing
ⓞ Good-value pricing: Ryanair appears to have found a radical new pricing solution, one that customers are sure to love: Make flying free!
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Customer ValueCustomer Value--Based PricingBased Pricing
Good-Value Pricing:
An important type of good-value pricing at the retail level is everyday low pricing (EDLP). EDLP involves charging a constant, everyday low price with few or no temporary price discounts. Retailers such as Costco and the furniture seller Room & Board practice EDLP.
The king of EDLP is Walmart, which practically defined the concept. Except for a few sale items every month, Walmart promises everyday low prices on everything it sells.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Customer ValueCustomer Value--Based PricingBased Pricing
Good-Value Pricing: In contrast, high-low pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items. Department stores such as Kohl’s and Macy’s practice high-low pricing by having frequent sales days, early- bird savings, and bonus earnings for store credit-card holders.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Customer ValueCustomer Value--Based PricingBased Pricing Value-Added Pricing:
Value-based pricing doesn’t mean simply charging what customers want to pay or setting low prices to meet competition. Instead, many companies adopt value-added pricing strategies.
Rather than cutting prices to match competitors, they attach value-added features and services to differentiate their offers and thus support higher prices.
For example, at a time when competing restaurants lowered their prices and screamed “value” in a difficult economy, fast-casual chain Panera Bread has prospered by adding value and charging accordingly. ⓞ Consider Currims example.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Customer ValueCustomer Value--Based PricingBased Pricing
ⓞ Value-added pricing: Rather than dropping prices for its venerable Stag umbrella brand to match cheaper imports, Currims successfully launched umbrellas with funky designs, cool colors, and value-added features and sold them at even higher prices.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Whereas customer-value perceptions set the price ceiling, costs set the floor for the price that the company can charge.
Cost-based pricing involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk.
A company’s costs may be an important element in its pricing strategy.
Some companies, such as Ryanair and Walmart, work to become the “low-cost producers” in their industries.
Companies with lower costs can set lower prices that result in smaller margins but greater sales and profits.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing
However, other companies—such as Apple, BMW, and Steinway—intentionally pay higher costs so that they can claim higher prices and margins.
For example, it costs more to make a “handcrafted” Steinway piano than a Yamaha production model.
But the higher costs result in higher quality, justifying that eyepopping $72,000 price.
The key is to manage the spread between costs and prices—how much the company makes for the customer value it delivers.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Types of Costs:
A company’s costs take two forms: fixed and variable.
Fixed costs (also known as overhead) are costs that do not vary with production or sales level. For example, a company must pay each month’s bills for rent, heat, interest, and executive salaries—whatever the company’s output.
Variable costs vary directly with the level of production. Each PC produced by HP involves a cost of computer chips, wires, plastic, packaging, and other inputs.Although these costs
tend to be the same for each unit produced, they are called variable costs because the total varies with the number of units produced.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing Types of Costs:
Total costs are the sum of the fixed and variable costs for any given level of production.
Management wants to charge a price that will at least cover the total production costs at a given level of production.
The company must watch its costs carefully. If it costs the company more than its competitors to produce and sell a similar product, the company will need to charge a higher price or make less profit, putting it at a competitive disadvantage.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Costs at Different Levels of Production:
To price wisely, management needs to know how its costs vary with different levels of production.
For example, suppose Texas Instruments (TI) built a plant to produce 1,000 calculators per day.
Figure 3.A shows the typical short-run average cost curve (SRAC). It shows that the cost per calculator is high if TI’s factory produces only a few per day.
But as production moves up to 1,000 calculators per day, the average cost per unit decreases.
This is because fixed costs are spread over more units, with each one bearing a smaller share of the fixed cost.
TI can try to produce more than 1,000 calculators per day, but average costs will increase because the plant becomes inefficient.
Workers have to wait for machines, the machines break down more often, and workers get in each other’s way.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing Figurers 3.A and 3.B: Cost per Unit at Different
Levels of Production per Period
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Costs at Different Levels of Production:
If TI believed it could sell 2,000 calculators a day, it should consider building a larger plant. The plant would use more efficient machinery and work arrangements.
Also, the unit cost of producing 2,000 calculators per day would be lower than the unit cost of producing 1,000 units per day, as shown in the long-run average cost (LRAC) curve (Figure 3.B).
In fact, a 3,000-capacity plant would be even more efficient, according to Figure 10.3B. But a 4,000-daily production plant would be less efficient because of increasing diseconomies of scale—too many workers to manage, paperwork slowing things down, and so on.
Figure 10.3B shows that a 3,000-daily production plant is the best size to build if demand is strong enough to support this level of production.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing Costs as a Function of Production Experience :
Suppose TI runs a plant that produces 3,000 calculators per day. As TI gains experience in producing calculators, it learns how to do it better. Workers learn shortcuts and become more familiar with their equipment. With practice, the work becomes better organized, and TI finds better equipment and production processes. With higher volume, TI becomes more efficient and gains economies of scale. As a result, the average cost tends to decrease with accumulated production experience. This is shown in Figure 4.
Figure 4: Cost per Unit as a Function of Accumulated Production: The Experience Curve
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Costs as a Function of Production Experience : Thus, the average cost of producing the first 100,000 calculators is $10 per calculator. When the company has produced the first 200,000 calculators, the average cost has fallen to $8.50. After its accumulated production experience doubles again to 400,000, the average cost is $7. This drop in the average cost with accumulated production experience is called the experience curve (or the learning curve).
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing Cost-Plus Pricing:
The simplest pricing method is cost-plus pricing (or markup pricing)—adding a standard markup to the cost of the product.
Construction companies, for example, submit job bids by estimating the total project cost and adding a standard markup for profit.
Lawyers, accountants, and other professionals typically price by adding a standard markup to their costs.
Some sellers tell their customers they will charge cost plus a specified markup; for example, aerospace companies often price this way to the government.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Cost-Plus Pricing:
To illustrate markup pricing, suppose a toaster manufacturer had the following costs and expected sales:
The manufacturer would charge dealers $20 per toaster and make a profit of $4 per unit. The dealers, in turn, will mark up the toaster. If dealers want to earn 50 percent on the sales price, they will mark up the toaster to $40 ($20 50% of $40). This number is equivalent to a markup on cost of 100 percent ($20/$20).
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing Does using standard markups to set prices make sense?
Generally, no.
Any pricing method that ignores demand and competitor prices is not likely to lead to the best price.
Still, markup pricing remains popular for many reasons:
First, sellers are more certain about costs than about demand. By tying the price to cost, sellers simplify pricing; they do not need to make frequent adjustments as demand changes.
Second, when all firms in the industry use this pricing method, prices tend to be similar, so price competition is minimized.
Third, many people feel that cost-plus pricing is fairer to both buyers and sellers. Sellers earn a fair return on their investment but do not take advantage of buyers when buyers’ demand becomes great.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Break-Even Analysis and Target Profit Pricing:
Another cost-oriented pricing approach is break-even pricing (or a variation called target return pricing). The firm tries to determine the price at which it will break even or make the target return it is seeking. Target return pricing uses the concept of a break-even chart, which shows the total cost and total revenue expected at different sales volume levels. Figure 5 shows a breakeven chart for the toaster manufacturer discussed here.
Figure 5: Break-Even Chart for Determining Target-Return Price and Break-Even Volume
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing Break-Even Analysis and Target Profit Pricing:
Fixed costs are $300,000 regardless of sales volume. Variable costs are added to fixed costs to form total costs, which rise with volume.
The total revenue curve starts at zero and rises with each unit sold. The slope of the total revenue curve reflects the price of $20 per unit.
The total revenue and total cost curves cross at 30,000 units. This is the break-even volume. At $20, the company must sell at least 30,000 units to break even, that is, for total revenue to cover total cost. Break-even volume can be calculated using the following formula:
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CostCost--Based PricingBased Pricing Break-Even Analysis and Target Profit Pricing:
If the company wants to make a profit, it must sell more than 30,000 units at $20 each. Suppose the toaster manufacturer has invested $1,000,000 in the business and wants to set a price to earn a 20 percent return, or $200,000. In that case, it must sell at least 50,000 units at $20 each. If the company charges a higher price, it will not need to sell as many toasters to achieve its target return. But the market may not buy even this lower volume at the higher price. Much depends on price elasticity and competitors’ prices. The manufacturer should consider different prices and estimate break-even volumes, probable demand, and profits for each. This is done in Table 1.
Table 1: Break-Even Volume and Profits at Different Prices
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CostCost--Based PricingBased Pricing Break-Even Analysis and Target Profit Pricing:
Table 1shows that as price increases, the break-even volume drops (column 2). But as price increases, the demand for toasters also decreases (column 3).
At the $14 price, because the manufacturer clears only $4 per toaster ($14 less $10 in variable costs), it must sell a very high volume to break even.
Even though the low price attracts many buyers, demand still falls below the high break-even point, and the manufacturer loses money.
At the other extreme, with a $22 price, the manufacturer clears $12 per toaster and must sell only 25,000 units to break even. But at this high price, consumers buy too few toasters, and profits are negative.
The table shows that a price of $18 yields the highest profits. Note that none of the prices produce the manufacturer’s target return of $200,000. To achieve this return, the manufacturer will have to search for ways to lower the fixed or variable costs, thus lowering the break-even volume.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CompetitionCompetition--Based PricingBased Pricing Competition-based pricing involves setting prices based on competitors’ strategies, costs, prices, and market offerings.
Consumers will base their judgments of a product’s value on the prices that competitors charge for similar products.
In assessing competitors’ pricing strategies, the company should ask several questions:
First, how does the company’s market offering compare with competitors’ offerings in terms of customer value?
If consumers perceive that the company’s product or service provides greater value, the company can charge a higher price.
If consumers perceive less value relative to competing products, the company must either charge a lower price or change customer perceptions to justify a higher price.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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CompetitionCompetition--Based PricingBased Pricing Next, how strong are current competitors, and what are their current pricing strategies? If the company faces a host of smaller competitors charging high prices relative to the value they deliver, it might charge lower prices to drive weaker competitors from the market. If the market is dominated by larger, low-price competitors, the company may decide to target un-served market niches with value- added products at higher prices.
ⓞ For example, Annie Bloom’s Books, an independent bookseller in Portland, Oregon, isn’t likely to win a price war against Amazon.com or Barnes & Noble—it doesn’t even try. Instead, the shop relies on its personal approach, cozy atmosphere, and friendly and knowledgeable staff to turn local book lovers into loyal patrons, even if they have to pay a little more. Customers writing on a consumer review Web site recently gave Annie Bloom’s five-star ratings, supported by the kinds of comments you likely wouldn’t see for Barnes & Noble:
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
CompetitionCompetition--Based PricingBased Pricing Annie Bloom’s is not the biggest bookstore, nor the most convenient
to park at, nor are the prices incredibly discounted, nor is the bathroom easy to find . . . however, [i]t is one of the friendliest bookstores in town. It is just big enough for a solid hour of browsing. And it has a talented, smart, and long-term staff with incredible Taste.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
ⓞ Pricing against larger, low-price competitors: Independent bookstore Annie Bloom’s Books isn’t likely to win a price war against Amazon.com or Barnes & Noble. Instead, it relies on outstanding customer service and a cozy atmosphere to turn booklovers into loyal customers.
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Other Internal and External ConsiderationsOther Internal and External Considerations Affecting Price DecisionsAffecting Price Decisions
Beyond customer value perceptions, costs, and competitor strategies, the company must
consider several additional internal and external factors.
Internal factors affecting pricing include:
The company’s overall marketing strategy,
The company’s overall objectives, and
The company’s overall marketing mix, as well as
Other organizational considerations.
External factors include the nature of the market and demand and other environmental factors.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Overall Marketing Strategy, Objectives, and MixOverall Marketing Strategy, Objectives, and Mix
Price is only one element of the company’s broader marketing strategy. Thus, before setting price, the company must decide on its overall marketing strategy for the product or service. If the company has selected its target market and positioning carefully, then its marketing mix strategy, including price, will be fairly straightforward.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
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Overall Marketing Strategy, Objectives, and MixOverall Marketing Strategy, Objectives, and Mix
Pricing may play an important role in helping to accomplish company objectives at many levels.:
A firm can set prices to attract new customers or profitably retain existing ones.
It can set prices low to prevent competition from entering the market or set prices at competitors’ levels to stabilize the market.
It can price to keep the loyalty and support of resellers or avoid government intervention.
Prices can be reduced temporarily to create excitement for a brand.
Or one product may be priced to help the sales of other products in the company’s line.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Overall Marketing Strategy, Objectives, and MixOverall Marketing Strategy, Objectives, and Mix
Price is only one of the marketing mix tools that a company uses to achieve its marketing objectives.
Price decisions must be coordinated with product design, distribution, and promotion decisions to form a consistent and effective integrated marketing program.
Decisions made for other marketing mix variables may affect pricing decisions. For example, a decision to position the product on high-performance quality will mean that the seller must charge a higher price to cover higher costs.
And producers whose resellers are expected to support and promote their products may have to build larger reseller margins into their prices.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
23
Organizational ConsiderationsOrganizational Considerations
Management must decide who within the organization should set prices.
Companies handle pricing in a variety of ways:
In small companies, prices are often set by top management rather than by the marketing or sales departments.
In large companies, pricing is typically handled by divisional or product line managers.
In industrial markets, salespeople may be allowed to negotiate with customers within certain price ranges.
Even so, top management sets the pricing objectives and policies, and it often approves the prices proposed by lower level management or salespeople.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
The Market and DemandThe Market and Demand
As noted earlier, good pricing starts with an understanding of how customers’ perceptions of value affect the prices they are willing to pay.
Both consumer and industrial buyers balance the price of a product or service against the benefits of owning it.
Thus, before setting prices, the marketer must understand the relationship between price and demand for the company’s product.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
24
The Market and DemandThe Market and Demand
Pricing in Different Types of Markets: The seller’s pricing freedom varies with different types of markets. Economists recognize four types of markets, each presenting a different pricing challenge. 1. Under pure competition, the market consists of many buyers and sellers trading in a uniform commodity, such as wheat, copper, or financial securities. No single buyer or seller has much effect on the going market price. In a purely competitive market, marketing research, product development, pricing, advertising, and sales promotion play little or no role. Thus, sellers in these markets do not spend much time on marketing strategy.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
The Market and DemandThe Market and Demand Pricing in Different Types of Markets:
2. Under monopolistic competition, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price.
A range of prices occurs because sellers can differentiate their offers to buyers.
Sellers try to develop differentiated offers for different customer segments and, in addition to price, freely use branding, advertising, and personal selling to set their offers apart.
Thus, Toyota sets its Prius brand apart through strong branding and advertising, reducing the impact of price.
It advertises that the third generation Prius takes you from “zero to sixty in 70% fewer emissions.”
Because there are many competitors in such markets, each firm is less affected by competitors’ pricing strategies than in oligopolistic markets.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
25
The Market and DemandThe Market and Demand Pricing in Different Types of Markets:
3. Under oligopolistic competition, the market consists of a few sellers who are highly sensitive
to each other’s pricing and marketing strategies.
Because there are few sellers, each seller is alert and responsive to competitors’ pricing strategies and moves.
4. In a pure monopoly, the market consists of one seller.
The seller may be a government monopoly (the U.S. Postal Service), a private regulated monopoly (a power company), or a private non-regulated monopoly (DuPont when it introduced nylon).
Pricing is handled differently in each case.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
The Market and DemandThe Market and Demand Analyzing the Price-Demand Relationship:
Each price the company might charge will lead to a different level of demand. The relationship between the price charged and the resulting demand level is shown in the demand curve in Figure 6: Demand Curves
Most companies try to measure their demand curves by estimating demand at different prices. The type of market makes a difference. In a monopoly, the demand curve shows the total market demand resulting from different prices. If the company faces competition, its demand at different prices will depend on whether competitors’ prices stay constant or change with the company’s own prices.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
26
The Market and DemandThe Market and Demand Price Elasticity of Demand:
Consider the two demand curves in Figure 6. In Figure 6A, a price increase from P1 to P2 leads to a relatively small drop in demand from Q1 to Q2. In Figure 6B, however, the same price increase leads to a large drop in demand from Q1 to Q2. If demand hardly changes with a small change in price, we say the demand is inelastic. If demand changes greatly, we say the demand is elastic. The price elasticity of demand is given by the following formula:
Suppose demand falls by 10 percent when a seller raises its price by 2 percent. The price elasticity of demand is therefore 5 (the minus sign confirms the inverse relation between price and demand), and demand is elastic.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
The Market and DemandThe Market and Demand Price Elasticity of Demand:
If demand falls by 2 percent with a 2 percent increase in price, then elasticity is 1. In this case, the seller’s total revenue stays the same: The seller sells fewer items but at a higher price that preserves the same total revenue.
If demand falls by 1 percent when price is increased by 2 percent, then elasticity is , and demand is inelastic. The less elastic the demand, the more it pays for the seller to raise the price.
What determines the price elasticity of demand? Buyers are less price sensitive when the product they are buying is unique or when it is high in quality, prestige, or exclusiveness; substitute products are hard to find or when they cannot easily compare the quality of substitutes; and the total expenditure for a product is low relative to their income or when the cost is shared by another party.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
27
The Market and DemandThe Market and Demand Price Elasticity of Demand:
If demand is elastic rather than inelastic, sellers will consider lowering their prices.
A lower price will produce more total revenue.
This practice makes sense as long as the extra costs of producing and selling more do not exceed the extra revenue.
At the same time, most firms want to avoid pricing that turns their products into commodities.
Marketers need to work harder than ever to differentiate their offerings when a dozen competitors are selling virtually the same product at a comparable or lower price.
More than ever, companies need to understand the price sensitivity of their customers and the tradeoffs people are willing to make between price and product characteristics.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Price Adjustment StrategiesPrice Adjustment Strategies Companies usually adjust their basic prices to account for various customer differences and changing situations. Here we examine the seven price adjustment strategies summarized in Table 2: discount and allowance pricing, segmented pricing, psychological pricing, promotional pricing, geographical pricing, dynamic pricing, and international pricing.
Table 2:Price Adjustments
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
28
Price Adjustment StrategiesPrice Adjustment Strategies 1. Discount and Allowance Pricing:
Most companies adjust their basic price to reward customers for certain responses, such as the early payment of bills, volume purchases, and off-season buying.
These price adjustments— called discounts and allowances— can take many forms:
Allowances are another type of reduction from the list price. For example, trade-in allowances are price reductions given for turning in an old item when buying a new one.
Trade-in allowances are most common in the automobile industry but are also given for other durable goods.
Promotional allowances are payments or price reductions to reward dealers for participating in advertising and sales support programs.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Price Adjustment StrategiesPrice Adjustment Strategies 1. Discount and Allowance Pricing:
The many forms of discounts include:
A cash discount, a price reduction to buyers who pay their bills promptly. A typical example is “2/10, net 30,” which means that although payment is due within 30 days, the buyer can deduct 2 percent if the bill is paid within 10 days.
A quantity discount is a price reduction to buyers who buy large volumes.
A seller offers a functional discount (also called a trade discount) to trade-channel members who perform certain functions, such as selling, storing, and record keeping.
A seasonal discount is a price reduction to buyers who buy merchandise or services out of season.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
29
Price Adjustment StrategiesPrice Adjustment Strategies 2. Segmented Pricing:
Companies will often adjust their basic prices to allow for differences in customers, products, and locations. In segmented pricing, the company sells a product or service at two or more prices, even though the difference in prices is not based on differences in costs. Segmented pricing takes several forms:
Under customer-segment pricing, different customers pay different prices for the same product or service. Museums and movie theaters, for example, may charge a lower admission for students and senior citizens.
Under product-form pricing, different versions of the product are priced differently but not according to differences in their costs.
Using location-based pricing, a company charges different prices for different locations, even though the cost of offering each location is the same. For instance, state universities charge higher tuition for out-of- state students, and theaters vary their seat prices because of audience preferences for certain locations.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Price Adjustment StrategiesPrice Adjustment Strategies 3. Psychological Pricing:
Price says something about the product. For example, many consumers use price to judge quality.
A $100 bottle of perfume may contain only $3 worth of scent, but some people are willing to pay the $100 because this price indicates something special.
In using psychological pricing, sellers consider the psychology of prices, not simply the economics.
For example, consumers usually perceive higher-priced products as having higher quality.
When they can judge the quality of a product by examining it or by calling on past experience with it, they use price less to judge quality.
But when they cannot judge quality because they lack the information or skill, price becomes an important quality signal.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
30
Price Adjustment StrategiesPrice Adjustment Strategies 3. Psychological Pricing:
Another aspect of psychological pricing is reference prices— prices that buyers carry in their minds and refer to when looking at a given product.
The reference price might be formed by noting current prices, remembering past prices, or assessing the buying situation.
Sellers can influence or use these consumers’ reference prices when setting price.
For example, a grocery retailer might place its store brand of bran flakes and raisins cereal priced at $1.89 next to Kellogg’s Raisin Bran priced at $3.20.
Or a company might offer more expensive models that don’t sell very well to make their less expensive but still high-priced models look more affordable by comparison.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Price Adjustment StrategiesPrice Adjustment Strategies 4. Promotional Pricing:
With promotional pricing, companies will temporarily price their products below list price and sometimes even below cost to create buying excitement and urgency. Promotional pricing takes several forms:
A seller may simply offer discounts from normal prices to increase sales and reduce inventories.
Sellers also use special-event pricing in certain seasons to draw more customers.
Manufacturers sometimes offer cash rebates to consumers who buy the product from dealers within a specified time; the manufacturer sends the rebate directly to the customer. Rebates have been popular with automakers and producers of cell phones and small appliances, but they are also used with consumer packaged goods.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
31
Price Adjustment StrategiesPrice Adjustment Strategies 4. Promotional Pricing:
Some manufacturers offer low-interest financing, longer warranties, or free maintenance to reduce the consumer’s “price.” This practice has become another favorite of the auto industry.
Promotional pricing, however, can have adverse effects:
Used too frequently and copied by competitors, price promotions can create “deal-prone” customers who wait until brands go on sale before buying them.
Or, constantly reduced prices can erode a brand’s value in the eyes of customers.
Marketers sometimes become addicted to promotional pricing, especially in difficult economic times.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Price Adjustment StrategiesPrice Adjustment Strategies 5. Geographical Pricing:
A company also must decide how to price its products for customers located in different parts of the United States or the world. Should the company risk losing the business of more-distant customers by charging them higher prices to cover the higher shipping costs? Or should the company charge all customers the same prices regardless of location? We will look at five geographical pricing strategies for the following hypothetical situation:
FOB-origin pricing, the customer will pay the same factory price plus the freight from the factory to the destination. The freight is determined according to how far the destination is.
Uniform-delivered pricing is the opposite of FOB pricing. Here, the company charges the same price plus freight to all customers, regardless of their location.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
32
Price Adjustment StrategiesPrice Adjustment Strategies 5. Geographical Pricing:
Zone pricing falls between FOB-origin pricing and uniform-delivered pricing. The company sets up two or more zones. All customers within a given zone pay a single total price; the more distant the zone, the higher the price.
Basing-point pricing, the seller selects a given city as a “basing point” and charges all customers the freight cost from that city to the customer location, regardless of the city from which the goods are actually shipped.
Freight-absorption pricing, the seller absorbs all or part of the actual freight charges to get the desired business.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Price Adjustment StrategiesPrice Adjustment Strategies 6. Dynamic Pricing:
Throughout most of history, prices were set by negotiation between buyers and sellers.
Fixed price policies—setting one price for all buyers—is a relatively modern idea that arose with the development of large- scale retailing at the end of the nineteenth century.
Today, most prices are set this way.
However, some companies are now reversing the fixed pricing trend. They are using dynamic pricing—adjusting prices continually to meet the characteristics and needs of individual customers and situations.
Consumers also benefit from the Internet and dynamic pricing. A wealth of price comparison sites. In addition, consumers can negotiate prices at online auction sites and exchanges.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
33
Price Adjustment StrategiesPrice Adjustment Strategies 7. International Pricing:
Companies that market their products internationally must decide what prices to charge in the different countries in which they operate.
In some cases, a company can set a uniform worldwide price.
For example, Boeing sells its jetliners at about the same price everywhere, whether in the United States, Europe, or a third-world country.
However, most companies adjust their prices to reflect local market conditions and cost considerations.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Price Adjustment StrategiesPrice Adjustment Strategies 7. International Pricing: The price that a company should charge in a specific country depends on many factors, including economic conditions, competitive situations, laws and regulations, and the development of the wholesaling and retailing system. Costs play an important role in setting international prices. Travelers abroad are often surprised to find that goods that are relatively inexpensive at home may carry outrageously higher price tags in other countries.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
34
Individual Assignment # 4Individual Assignment # 4
Title:
Points to be covered:
1. Name and describe the two types of value- based pricing methods.
2. Describe the types of cost-based pricing and the methods of implementing each.
3. Determine the costs associated with offering an online MBA degree in addition to a traditional MBA degree at a university. Which costs are fixed and which are variable? Determine the tuition (that is, price) to charge for a three-credit course in this degree program. Which pricing method are you using to determine the price?
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
Individual Assignment # 4Individual Assignment # 4
Instruction for the assignment:
Type of attached file: word document file attached through course messages on the BlackBoard.
Name of word file: Assignment 4
Deadline: Saturday, 28/11/2020
Grades assigned: 10 Marks.
You should have a cover page for your assignment involving the following information: Course Name and its Code; Assignment Title; Student Full Name; Student ID No.; Submitted to whom, Date of Submission.
A list of References used should be added by the end of Assignment.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
11/20/2020
35
THANK YOU
Thank you for being with me today and please feel free to ask any questions.
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King Abdul Aziz University – Faculty of Tourism Event Sales and Marketing - Master in Event Management Pricing Understanding and Capturing Customer Value & Price-Adjustment Strategies
Assoc. Prof. Dr. Reda Gadelrab September, 2020
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