Procedure to Choose a Pricing Objective

With the company and financial objectives in mind, price targets are set. Elements of the corporate plan can assist in choosing a price target and tactics. Consider the mission statement and goals for the future of the company appropriately. The stakeholders would wish to examine the quantity maximization price target instead of the survival price objective if one of the main business objectives is to become a market leader. The stakeholders may wish to adopt a quality management price target if the business mission is to be a leader in the field.

On the other side, maximizing the profit margin may be best if the business strategy requires output expansion shortly, given that there will need money for work and facilities. Certain targets, such as survival and price stability, are employed under fragile market conditions when a company initially enters the market or when it has to reorganize.

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Generating a profit is certainly the main price target for any firm after all, without making money, a business cannot operate a viable business. Here are some instances of price aims, however, and pricing goals might go beyond profit.

Maximization of short-run profits

Maximization of sustainability in the long run

New markets are entering

Improve the volume of sales

Steal competition market share

Interest generated by new items

Exist in a sluggish business phase

Basis and Choice of a Pricing Objective
Following are the basis and choice of a pricing objective:

Profit Based: A company may have a price target of making a profit of $500,000 over the following year. Anything less is going to guarantee failure. All companies have to make a long-term profit. Long-term profitability also helps many enterprises, including investors, staff, consumers, and suppliers, to satisfy the enterprise. Lower than anticipated or no profit would diminish stock values and might result in a corporate disaster.

Sales Based: Just as survival calls for a long-term profit for a company, profit demands sales. Marketing aims to control demand. To govern trade or sales, must regulate demand. Marketing management, therefore, seeks to change sales trends in the desired manner. The company aim to grow the number of sales. It fixes prices so that sales might grow more and more. The sales increase is expected to influence earnings directly. Price selections are therefore taken to increase the volume of sales. The purpose of price setting, price changes, and price changes is to enhance sales.

Competition Based: Competition is a major influence on the performance of marketing. With proper business strategies, each firm attempts to react to rivals. One of the primary price goals might be to restrict the arrival of rivals. Here, too, the preventive phase is better than the cure. There is no need to battle with the competition if they are kept away. A firm maintains its pricing as low as feasible for achieving the aim, thereby minimizing the profit attractiveness of items. In some situations, an enterprise behaves aggressively, even at a loss, to avoid entry into the competition.

Consumer Based: The aim to serve is customers. To earn confidence in the target market, the company establishes and implements its pricing strategies. The company can build, retain, or even increase customers’ trust with suitable pricing strategies that the price charged for the product is reasonable. It seems to customers that they are not deceived. The main aim of all marketing activities is to satisfy customers. Prices are, however, no exception. To meet its target customers, the company establishes, adapts, and changes its pricing. In summary, a business should set pricing so that consumer pleasure is maximized.

Other Strategies
Following are the strategies of market share price objective:

Market Penetration and Skimming: This goal is to get deep into the market to attract as many consumers as possible. This target requires the minimum price to be paid to customers that are priced. Suppose they are in a position to acquire market share quickly, reduce unit costs and deliberately reduce the costs of entry barrier. In that case, a penetration strategy might be suitable for them, think of Amazon, Uber, and Facebook.

From a business point of view, this price target concerns the highest profit in the first stage of the life cycle of a product. Due to the novelty of the product with new and better advantages, one may charge relatively high prices to their firm since one caters to clients who want to pay more, i.e., early adopters.

Even at a premium price, certain client groups will buy a product to be ahead. Subsequently, they might seek lower-price-priced consumers. Some examples are film buyers, music buyers, internet games, Microsoft Xbox, cellphones, and luxury automobiles.

Survival and Growth: This may be the most important of all price targets. Prices are directed to survival in the (not too long) future with a possibility of expansion. If they choose to accept the short-term loss for long-term sustainability, their firm might use a survival-based price target. Pricing can be flexible under this aim, as prices are reduced to allow sufficient sales to keep the firm operating, i.e., meet critical expenditures.

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