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4.07

4.07. Pricing. Term. Price: amount that customers pay for products and services. SEM Concept of Price. Value of overall experience Great players/entertainers Communal event Chance to interact. Tangible Touchable Items Durable Items. Intangible Services Can’t touch or save. Benefits.

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4.07

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  1. 4.07 Pricing

  2. Term • Price: amount that customers pay for products and services

  3. SEM Concept of Price • Value of overall experience • Great players/entertainers • Communal event • Chance to interact

  4. Tangible Touchable Items Durable Items Intangible Services Can’t touch or save Benefits

  5. High Prices Maximize profit Low Prices Maximize revenue/ participation High vs. Low Prices Prices based on what market will bear

  6. Price Price Demand Demand Effect of Elasticity Elastic Demand Inelastic Demand

  7. Pricing Strategies • Yield Management: maximize revenue with limited capacity • Penetration: set prices lower than competition • Image Enhancement: set high prices to reflect a premium experience

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