Pricing Slides 2024/25 PDF

Pricing: Kickoff Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate I am looking forward to working with you! Martin Kasperski, M.Sc., Ph.D- Candidate Lecturer Sales und Marketing Department of Business Administration and Economics Webschulstr. 41-43, 41065 Möncheng...

Pricing: Kickoff Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate I am looking forward to working with you! Martin Kasperski, M.Sc., Ph.D- Candidate Lecturer Sales und Marketing Department of Business Administration and Economics Webschulstr. 41-43, 41065 Mönchengladbach Building W, Office, W311, 3rd floor Tel.: +49 (0)2161 186-6377 E-Mail: [email protected] Pricing 2024/25 | Kasperski 2 Course organisation Pricing 2024/25 | Kasperski 7 Pricing 2024/25 | Kasperski The structure of the course and grading aims to induce your participation and deepen your knowledge Timeline: 02.10.2024 - 17.12.2024: 50% of the course Pricing and Applied Math. 23.10.2024 no class (Campus Week) 07.01.2025 no class (you will get the chance to solve a mock exam) 14.01.2025 last session Q&A and solution of the mock exam Exam (tba.) written exam 50% Pricing/ 50% Math. You will receive one grade Structure of the course 1. Discussion of the text book material in class. The chapters of the book are relevant for the exam and the Quizzes. 2. Additional Presentations (optional): Assigned topics for groups. Please let me know if you want to deliver a presentation via Email until the 25.10.2024. I will form groups out of the students who want to present. Presentation dates will be between the 07.11 – 15.11.2023, depending on the amount and size of groups. You can earn up to 3 Bonus Points for the additional presentation. 8 Pricing 2024/25 | Kasperski Grading of the course includes presentations, an exam and bonus points The grading will be conducted the following way: You can reach 60 points: 60 Points (max): grading of the exam 12 Points (max): Bonus Points include grading for participation, quizzes and presentations The Bonus points only apply for the Pricing part. In case you reach more than 60 Points (Exam and Bonus Points combined, you will still get 60 Points) 9 Pricing 2024/25 | Kasperski Grading scheme for Bonus Points 10 Pricing 2024/25 | Kasperski Course Textbook Pricing 2024/25 | Kasperski 11 Pricing 2024/25 | Kasperski The textbook for this course: Price Management 12 Pricing 2024/25 | Kasperski Course material: The Textbook is only available online via the „Semesterappart“ Course reserve material (= Semesterappart): Collection of required readings of a lecturer (Includes the Textbook in Sales and Pricing). You will be informed in case additional readings will be added. Direct link: https://horus.hs-niederrhein.de/else/html/0-Semesterapparat-91.html Access via the website of the library: https://www.hs-niederrhein.de/bibliothek/ => Course reserve material (Semesterapparate) => List of the course reserve material (Liste der Semsterapparate) => 08 BSM - Kasperski (Semesterapparat 91) 08 (Faculty) BSM (optional: study program)- Kasperski (lecturer) (Semesterapparat 91) Course material (Presentations) is provided on Moodle as well as the Zoom link (in case online classes occur) 13 Pricing 2024/25 | Kasperski Questions? Pricing 2024/25 | Kasperski 14 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Mock Exam (no class) 15 Pricing 2024/25 | Kasperski Learning objectives: Introduction into the interdependent 4Ps Introduction into the core concepts of the 4Ps and understand how they integrate to form a comprehensive marketing strategy. Understand how interdependent the 4Ps are where decisions in one area (e.g., pricing) impact other areas (e.g., promotion) within the marketing mix. 16 Pricing 2024/25 | Kasperski  Think- Pair- Share: What kind of roles does the price of a product have? 1. Think for yourself (3 min) 2. Collect your responses with your neighbour in Collaboard (5 min) 3. Lets discuss your responses Pricing 2024/25 | Kasperski Please collect your ideas in Collaboard https://shorturl.at/ijT79 18 Pricing 2024/25 | Kasperski Marketing fundamentals: The 4P‘s of the marketing mix 19 Pricing 2024/25 | Kasperski Imagine: You are a marketer at Apple, responsible for the planning of the marketing strategy of the iPhone 20 Pricing 2024/25 | Kasperski Strategic context: The 4P’s of the marketing mix are a pivotal marketing strategy framework Marketing Analysis Strategic Marketing Mix 3 C’s Objectives 4 P’s Assess: Select: Marketing programs: Customer needs Target segment Product Company’s strengths Positioning Price & weaknesses Company & Promotion Competitor’s position competitive strategy Place Identify: Consider: Derive: Market Opportunities Alternative strategies Marketing mix initiatives 21 Pricing 2024/25 | Kasperski The 4Ps of marketing link strategic planning and operative implementation of marketing initiatives After 3C's (Competitor, Company, Customer) are set…. Strategic Planning is completed Start operational steps of marketing Potential target: Penetrate new segment 22 Pricing 2024/25 | Kasperski The 4P’s capture and promote the USP (unique selling point) of a product and differentiate from its competitors Place. Product Promotion Price 23 Pricing 2024/25 | Kasperski The product is the heart of the marketing mix starting point of all the marketing activities The product/ service is not a physical entity alone tailored to meet customer needs and to solve a problem. Innovations in this area are the drivers of corporate growth. 24 Pricing 2024/25 | Kasperski What do you think: What decisions do you have to make in relation to the product? Design Features Brand name Quality Services Experience Etc. 25 Pricing 2024/25 | Kasperski The price captures the monetary value created with the product Price captures the monetary value of a product or service Goal: exploit the customers' maximum willingness to pay through optimal pricing. Pricing decisions impact margins instantly 26 Pricing 2024/25 | Kasperski The price captures the monetary value created with the product Price captures the monetary value of a product or service exploit the customers' maximum willingness to pay through optimal pricing. Pricing decisions impact margins 27 Pricing 2024/25 | Kasperski What do you think: What decisions do you have to make in relation to the price? Methods of pricing; policies; strategies Allowances Discounts, rebates Payment period Credit policy Etc. 28 Pricing 2024/25 | Kasperski Promotion informs the customers about the offered product and induces purchase Challenge: Achieve Differentiation today's flood of information Two objectives: One, it informs the potential customers about your product and secondly, it persuades them to buy your product. 29 Pricing 2024/25 | Kasperski What do you think: What are the main elements of a promotion mix? Online Marketing: Social media Video Email etc. SEO, SEA Print Advertising and sponsoring Personal selling Public relations Direct marketing Sales promotion Etc. 30 Pricing 2024/25 | Kasperski The place of a product determines where a customer can engage with a product Bring the offers closer to the customers transfer of ownership of the product The margin of your profit depends on how quickly you can turn over the goods 31 Pricing 2024/25 | Kasperski What do you think: What are the major elements of a distribution mix? Channels of distribution Warehousing decision Product handling Transport Inventory control Order processing Coverage Etc. 32 Pricing 2024/25 | Kasperski Key Takeaways: The 4P‘s are interdependent and determine decision making The 4P’s determine the positioning of a product The interdependence and the overarching nature of one element over another guide you in decision making For example: if your product is pricing is high product design must be quality based. promotional activity: target well off customers The channels of distribution will be carefully selected 33 Pricing 2024/25 | Kasperski Pricing: Session 2 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate 34 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Self study: Mock Exam (no class) 14.01.2025 Q&A and solution of Mock Exam 35 Pricing 2024/25 | Kasperski Key Learnings Define pricing and understand its role in driving profit Explore the relationship between price, volume, and costs Learn the importance of pricing power and its impacts on a company’s valuation Understand the use of pricing options to increase perceived value and cater to different customer segments. 36 Pricing 2024/25 | Kasperski Key Learnings Understand effects of strategic price changes Psychological effects of pricing, including price thresholds, compromise effect, and the Veblen effect How psychological pricing can influence consumer behavior and perceptions of value Price management processes which comprises of strategy, analysis, decision, and implementation 37 Pricing 2024/25 | Kasperski You are consulting the Italian restaurant near Uni. They are unprofitable right now. The bank wants to know if they can apply for a loan, are they able to make a profit? How would you examine the problem from the 4Ps perspective? Please brainstorm with your neighbour. 38 38 Pricing 2024/25 | Kasperski Fundamentals of Pricing 39 Pricing 2024/25 | Kasperski  Definition of pricing The price is the number of monetary units which a buyer must hand over for one unit of a product Simon & Fassnacht (2019). Price Mgmt. Ch 1, p.5 40 Pricing 2024/25 | Kasperski  Pricing power is pivotal when evaluating the value of a business Warren Buffett: pricing power to be the most important criterion when evaluating the value of a business. The value of a brand is also ultimately determined by the extent to which it can achieve a price premium. Simon & Fassnacht (2019). Price Mgmt. Ch 1, p.23 41 Pricing 2024/25 | Kasperski  Profit = (Price x Volume) - Costs Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 1 42 Pricing 2024/25 | Kasperski  Price, sales volume and costs are interdependent and have a direct effect on profit Simon & Fassnacht (2019). Price Mgmt. Ch 1, p.12 43 Pricing 2024/25 | Kasperski  A simple break-even chart puts revenue, costs and output into context Simon & Fassnacht (2019). Price Mgmt. Ch 5, p. 178 44 Pricing 2024/25 | Kasperski Cost vary when opening up a restaurant One-time costs Reoccurring Costs Upfront costs: Indirect Costs: Lease security payment Lease Business license Utilities Legal processing fees Marketing and advertising Building improvements Insurance Interior Direct Costs: Kitchen and cooking equipment Employee salaries Furniture Food and beverage Point-of-sale (POS) System Miscellaneous (everything you might Advertising not expect, always keep an emergency stash!) 45 Pricing 2024/25 | Kasperski The effect of price increases: If the price of a product increases by 5% and your profit margin is 10€ for a product costing 100€, how much more profit do you make in %? 46 Pricing 2024/25 | Kasperski  Price has the strongest and immediate effect on profit Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 2 47 Pricing 2024/25 | Kasperski  Price has the strongest and immediate effect on profit Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 3 48 Pricing 2024/25 | Kasperski  The impact of a 2% price increase leads to strong gains in profits for the fortune 500 companies Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 4 49 Pricing 2024/25 | Kasperski Task: Please research and explain Pricing 2024/25 | Kasperski50 50 Pricing 2024/25 | Kasperski Please research the following pricing options and explain (with an example, benefits and limitations) 1. Bundles and prices for individual components 2. Discounts, bonuses, rebates, conditions, and special offers 3. Differentiated prices by package size or product variant 4. Differentiated prices based on customer segment, time of day, location, or phase of the product life cycle 5. Prices for complementary or substitutive products 6. Prices for special or additional services 7. Prices with two or more dimensions (e.g., upfront charge and a usage fee) 51 Pricing 2024/25 | Kasperski Key Takeaways Price = (Price x Volume) – Costs Price has the strongest and immediate effect on profit: time, investment, and profit advantage Calculating the break-even point is useful to determine the minimum sales needed to cover costs which can guide pricing decisions Pricing 2024/25 | Kasperski 52 Pricing: Session 3 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate Pricing 2024/25 | Kasperski 53 Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Self study: Mock Exam (no class) 14.01.2025 Q&A and solution of Mock Exam 54 Pricing 2024/25 | Kasperski Advantages of price changes: Example: Petrol Pricing 2024/25 | Kasperski55 55 Pricing 2024/25 | Kasperski Germany has a price registration database in operation, which consumers can access via an app 14,500 filling stations On the one hand, this increases price transparency for consumers but at the same time, reveals price differences for competitors In order to reduce the number of price changes, the Australian government limits price changes to one per day. 56 Pricing 2024/25 | Kasperski  Price changes have an immediate effect on require no upfront costs requires little upfront capital positive effect on profit sooner than the other measures price measures often lead to higher profit increases Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 8 57 Pricing 2024/25 | Kasperski  Market shares can shift significantly in a matter of minutes due to price changes The upside of quick price actions with rapid demand responses is that competitors can act just as swiftly with their own prices Price is the only marketing instrument which does not require upfront expenditures or investments. In comparison, it is rarely possible to optimize instruments such as advertising, sales, or research and development Those require upfront investments before they earn a return– when a company has limited financial resources Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 7-8 58 Pricing 2024/25 | Kasperski  Price as a marketing instrument has a 10-20 times stronger influence on sales than e.g. advertising That means that the effect of a price change, on a Price effects percentage basis, is 10 – 20 times stronger than the compared to effect of a similar percentage increase in the Budgets advertising budget 8 times stronger than the effect of a comparable percentage change in the sales budget advertising budgets would need to increase by 30% in order to match the effect of a price decrease of 1%. 30% Price is an instrument known for its fast applicability (Gas stations, flights, websites, retailors with display shelves) Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 6 59 Pricing 2024/25 | Kasperski  The reaction of consumers to anticipated price increase varies by countries Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 9 60 Pricing 2024/25 | Kasperski Psychological effects of pricing (examples) Pricing 2024/25 | Kasperski61 61 Pricing 2024/25 | Kasperski  Psychological effects to account for, some of which seem to defy rational economics: Price threshold Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 157 62 Pricing 2024/25 | Kasperski  Psychological effects to account for, some of which seem to defy rational economics: Compromise effect Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 160 63 Pricing 2024/25 | Kasperski  Psychological effects to account for, some of which seem to defy rational economics: Veblen effect Simon & Fassnacht (2019). Price Mgmt. Ch 4, p.145 64 Pricing 2024/25 | Kasperski  The price management process is a system of rules and procedures to determine and implement prices Organization Responsibilities, and incentives Information, models, rules for decision-making, and optimization Competencies, qualifications, IT support training Negotiation Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 14 65 Pricing 2024/25 | Kasperski  In strategy, there are two schools of thought based on academic and practitioner information sources based on market opportunities internal competencies, or resources, as its basis The academic sources comprise: Sources from the practitioner side include macro- and microeconomics Strategic specialized consultants marketing schools software developers behavioural economics of innovative companies thought brain research and popular authors. Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 16 66 Pricing 2024/25 | Kasperski  Pricing innovations come frequently from Internet- based companies Basic version of a product or service at a price of zero (free) and Freemium a premium version which has a positive price. Fixed price for an unlimited usage Flat rates, or a an option, where a maximum prepaid systems amount of usage is predefined Applied by e.g. restaurants or Pay what you football clubs to test willingness to want pay, yields on average higher prices Behaviour-based pricing such as “ Pay as you drive pay as you drive ” insurance. Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 18 67 Pricing 2024/25 | Kasperski  Legal framework of price management are in a constant state of flux antitrust competition consumer protection laws Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 19 68 Pricing 2024/25 | Kasperski  Everything seems to have a price… ethical perspective on price For $1500 per year, some doctors in the United States provide their cell phone numbers with a promise of 24/7 availability In Afghanistan, mercenaries from private firms earn between $250 and $1000 per day to fight $6250, one can hire a surrogate mother from India to carry an embryo. One can purchase the right to immigrate to the United States for $500.000. Simon & Fassnacht (2019). Price Mgmt. Ch 1, p. 22 69 Pricing 2024/25 | Kasperski Key Takeaways Effective use of psychological pricing can enhance perceived value and drive sales The only marketing instrument which does not require upfront expenditures or investments is the price. Price threshold effect is when prices which lie just below a round number are perceived as being significantly less expensive than the round price. Compromise effect is the use of price range to guide the purchase of a particular product Snob or Veblen effect is when demand increases as the price increases 70 Pricing 2024/25 | Kasperski Pricing: Session 4 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate 71 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Mock Exam (no class) 72 Pricing 2024/25 | Kasperski Key Learnings Discuss how price can act as a tool that affect consumers’ willingness to buy External and internal factors that influence decision- making Explore credence goods, price anchor, and price threshold 73 Pricing 2024/25 | Kasperski  When do you think does the price play a major role during a purchasing decision? Pricing 2024/25 | Kasperski74 74 Pricing 2024/25 | Kasperski  A software firm introduced a corporate cloud software package at an extremely low price of $ 19.90 per desk per month Comparable competing products sold at more than $100 per month. After several months, the company ’ s CEO realized that small businesses are really excited about our prices. For the first time, they can afford this kind of software. But larger companies think our price point is so low that they have no faith in our product. Our extremely low price becomes a barrier to sales rather than an advantage Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 147 75 Pricing 2024/25 | Kasperski The price has an effect of a quality indicator Pricing 2024/25 | Kasperski76 76 Pricing 2024/25 | Kasperski  Solution to lack of faith was achieved with price differentiation The solution lays in product and price differentiation The company loaded up its product with additional features and then offered this new package to larger companies at a significantly higher monthly fee. The package was still rather inexpensive, but it now fits better into a more conventional price- value framework. This adaptation helped the firm rid itself of the negative image fostered by the initial low price. Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 147 77 Pricing 2024/25 | Kasperski  Situation: Price assumes the role of quality indicator whenever customers are not able to assess the quality of a product This happens when the customers lack the time or the ability or when a thorough assessment is too expensive. So they simplify their decision-making and use price as a proxy for quality. In reality, a customer often has no choice but to make a purchase decision on the basis of incomplete information. Customers try to reduce their perceived risks and the resulting cognitive dissonance by using other criteria or indicators to assess the quality. Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 147 78 Pricing 2024/25 | Kasperski  Experience shows that high prices are a better guarantee of good quality than low prices Price allows a potential buyer to make immediate objective comparisons among products. for many customers, there is a close relationship between price and input costs In other words, the cost-plus pricing approach predominates in the minds of customers as well, not just sellers. Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 148 79 Pricing 2024/25 | Kasperski  Circumstances under which the price becomes an important tool for decision making Brands and manufacturer names do not play a major role. First-hand experience is either lacking or impossible to obtain, either because the product is new or is rarely purchased. For new products, price is an effective quality indicator only when it fits into frames of reference familiar to the customer. It does not apply to true innovations, whose value and perhaps prices often lie outside the buyer’s familiar frames of reference. The customer’s last purchase or usage was in the distant past. Customers normally do not share their experiences with each other about that particular product. The objective quality is hard to estimate either because of the technical complexity or because of the key importance of features such as durability and reliability. This is especially true for experience goods or credence goods ( =product that is difficult for the customer to value, even after purchase). Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 148 80 Pricing 2024/25 | Kasperski  We can assume that the price becomes more powerful as a quality indicator under certain circumstances Time pressure increases Purchasing complexity increases Price transparency decreases Trust in whoever “offers” the price information increases Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 149 81 Pricing 2024/25 | Kasperski  Personal, customer-specific factors play an important role where price’s significance as a quality indication is greater The lower a customer’s self-confidence is The less frugal the customer is The greater the desire for a quick and easy purchase is The greater the desire to avoid cognitive dissonance* is The greater the buyer’s purchasing power is The less knowledgeable the buyer is about *Cognitive dissonance is a feeling state that is perceived as unpleasant and the product occurs when one has several cognitions that are not compatible with each other Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 149 82 Pricing 2024/25 | Kasperski  Price Threshold A price of 9.95 is perceived as “nine plus something” Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 157-158 83 Pricing 2024/25 | Kasperski  If customers feel uncertain about their price judgment, they search for a reference point or a so-called anchor A customer enters a store to buy a piece of luggage. The saleswoman asks him how much he is planning to spend. “ I was thinking $ 200, ” the customer responds. “ That would get you a good suitcase, ” the saleswoman says. “ But before we narrow down the selection, may I show you something nice? ” she asks. She adds that her goal is only to inform him about their product range, and not to pressure him into buying an expensive suitcase. The saleswoman then shows the customer a suitcase for $ 500, a top model in terms of quality, design, and brand. Then she points out the suitcases in the price category the customer mentioned but steers his attention toward pieces which cost $ 250– $ 300, slightly more than the $ 200 he said he had in mind. How will the customer react? Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 158 84 Pricing 2024/25 | Kasperski  If customers feel uncertain about their price judgment, they search for a reference point or a so-called anchor There is a high probability that the anchor effect from the top-of the-line $ 500 suitcase will prompt him to buy one for $ 250 or $ 300 and not for $ 200 as he originally planned. Even when nobody ever buys the expensive suitcase for $ 500, it still makes sense for the store to have it in its assortment. The price of $ 500 sets an anchor which changes the perception of prices in the $ 200– $ 300 range and shifts the customer ’ s willingness to pay upward. Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 158 85 Pricing 2024/25 | Kasperski  This experiment for the business magazine The Economist included two tests Let us assume that both offer A and offer B attract 10,000 new subscribers. The additional revenue from offer A is $ 801,200, while the revenue from offer B totals $ 1.14 million or 42.8% more. The average price per new subscriber was $ 80.12 in offer A and $ 114.40 under offer B. Many customers find this irresistible and select the value-added offer, in this case the combined subscription. Thaler calls this the “deal effect” Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 161 86 Pricing 2024/25 | Kasperski  The possible explanations for selecting the middle option in this case? Here are four hypotheses Uncertainty: Customers don’ t have Peace of mind/risk a good estimate of avoidance: “ If I end up Quality expectations: their monthly usage, so making a lot of calls, it The customer thinks: “ If they fall back on the “ can get really expensive the basic fee is so low, Status: “I can afford it.” magic of the middle ” with the low base fee the service probably isn’t and think that they will and high variable good enough. ” not be too far off with the charges. ” middle option. Simon & Fassnacht (2019). Price Mgmt. Ch 4, p. 164 87 Pricing 2024/25 | Kasperski Key Takeaways Price can act as a quality indicator which increases willingness to buy Credence goods are goods that are difficult for a consumer to value even after purchase Price threshold effect is when prices which lie just below a round number are perceived as being significantly less expensive than the round price. Price Anchor is a cognitive bias where consumers rely heavily on the first price they encounter (the "anchor") when making subsequent pricing judgments or comparisons, influencing their perception of value. 88 Pricing 2024/25 | Kasperski Pricing: Session 5 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate 89 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Self study: Mock Exam (no class) 14.01.2025 Q&A and solution of Mock Exam 90 Pricing 2024/25 | Kasperski Key Learnings Importance of strategic pricing in achieving long-term business objectives Relationship between pricing, market positioning, and competitive advantage Discuss value and performance attributes that drive purchasing decisions 91 Pricing 2024/25 | Kasperski Strategy of pricing 92 Pricing 2024/25 | Kasperski Strategy is the art and science of developing and deploying all of a company’s resources so as to achieve the most profitable long-term survival of the company. 93 Pricing 2024/25 | Kasperski The price determines the positioning of a product 94 Pricing 2024/25 | Kasperski Please research for a consumer good category examples for the following positioning: Luxury Premium Medium Low ultra-low Pricing 2024/25 | Kasperski95 95 Pricing 2024/25 | Kasperski The most fundamental decisions concern price positioning: automotive Ultra-low Low Medium Premium Luxury 96 Pricing 2024/25 | Kasperski We segment these value and performance attributes into four categories: Functional Emotional Symbolic Ethical Pricing 2024/25 | Kasperski97 97 Pricing 2024/25 | Kasperski  Functional attributes apply to each performance element of the product or service with respect to its ability and suitability to satisfy the customer’s needs The functional attributes enable the customer to solve a specific core problem or mission Example: For a laptop computer, functional attributes include the processor speed and the amount of memory. Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 47-81 98 Pricing 2024/25 | Kasperski  Emotional attributes refer to the value that the customer derives from the product Emotional attributes refer to positive feelings the product elicits: the desire for change or escape excitement sensory pleasure sensual experiences Beauty A product or service’s ability to stimulate emotions can have a pronounced effect on the willingness to pay Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 47-81 99 Pricing 2024/25 | Kasperski  Symbolic attributes refer to the value a customer gains from a boost in confidence or self-esteem from the product or service Symbolic attributes allow customers to associate themselves with a group or person express their belonging (actual or desired) to a particular group to separate or distinguish themselves from a group fulfil the need for social recognition or serve as a form of self-expression Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 47-81 100 Pricing 2024/25 | Kasperski  Ethical attributes foster the positive feeling that one has done something beneficial for others, for society, or for the environment Ethical attributes are the focus of mission-driven brands: This feeling likewise provides customer value, as the other three categories of performance attributes do. Through these attributes, one expresses and fulfils one’s desire to help others in a specific way or manifests the general desire to act morally or altruistically Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 47-81 101 Pricing 2024/25 | Kasperski  Please find two competing examples (in the same product category) for the four performance and value attributes. One or multiple of the attributes may apply 102 102 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski Key Takeaways Positioning determines the direction of the company in terms of R&D, design, marketing, production etc. Aside from price, the functional, emotional, symbolic, and ethical attributes together influence customer perception and value, driving both purchase decisions and brand loyalty. 103 Pricing 2024/25 | Kasperski Pricing: Session 6 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate 104 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Self study: Mock Exam (no class) 14.01.2025 Q&A and solution of Mock Exam 105 Pricing 2024/25 | Kasperski Key Learnings Importance of setting goals on categories such as: profit, market share, revenue, or volume Segmenting markets based on customer needs and willingness to pay Understand value perception which plays a role in the decision making of consumers. 106 Pricing 2024/25 | Kasperski Company goals in relation to pricing 107 107 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski  Goals connected to pricing are directly connected to strategic and power goals Power goals (market leadership, market dominance, social or political influence): It is often said that Google wants to dominate the markets it enters. Peter Thiel’s bestseller “ Zero to One ” encourages companies to find niches they can monopolize. Fighting and beating the competition is a very common goal of managers. To fulfil their power goals, companies might wage a price war or take control of a distribution channel. In most cases, price makes an important contribution to achieving a company’s strategic goals Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 30 108 Pricing 2024/25 | Kasperski  Goals connected to pricing are e.g. power goals. Volkswagen sets itself a singular goal: outsell Toyota Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 30 109 Pricing 2024/25 | Kasperski  Goals connected to pricing imply market related KPI’s Volume and growth goals (volume, market share, revenue, or revenue growth) In 2016 Amazon ’ s revenue increased to $ 136 billion and its after-tax profit to $ 2.37 billion, corresponding to a margin of 1.7%. Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 30 110 Pricing 2024/25 | Kasperski  Priorities in KPI’s vary among senior leaders Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 32 111 Pricing 2024/25 | Kasperski  The market leader achieves a pre-tax return on investment (ROI) which is almost three times as high as the ROI of the fifth-largest competitor Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 33 112 Pricing 2024/25 | Kasperski Price has a direct effect on shareholder value Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 35 113 Pricing 2024/25 | Kasperski  The share price of Praktiker (German home improvement store) Aggressive market share goals and price cuts usually go hand in hand Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 36-37 114 Pricing 2024/25 | Kasperski  Peter Drucker: “see the entire business through the eyes of the customer” 115 115 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 40 The price a customer is willing to pay is always a reflection of the customer’s perceived value of the product or service. This is the most crucial aspect of pricing 116 Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 40  Three important tasks for the supplier or seller are to create, communicate and retain value Create value Contribution to value creation: Innovation, product quality, the standards and nature of a product’s materials and components, design The choice of customer segments influences value creation: customers have different requirements and different perceptions Retain value Communicate value Statements about the product, its The degree to which a product retains its position, its brand value will influence first-time willingness to pay for consumer durables. Value communication includes For luxury goods and automobiles, value packaging, product presentation, and retention — resale value — can even placement at shelf or online constitute a deciding factor for initial willingness to pay Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 40 117 Pricing 2024/25 | Kasperski Please read chapter 2.6. (p.46- 79) price positioning in the text book. Especially the effects on Price, Product, Destribution and Communication 118 Pricing 2024/25 | Kasperski Key Takeaways Clearly defined goals are a prerequisite for effective price management Three important tasks for the supplier or seller are to create, communicate and retain value Chosen price position must reflect the customer’s perceived value and support the brand’s overall strategy and market positioning 119 Pricing 2024/25 | Kasperski Pricing: Session 7 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate 120 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Self study: Mock Exam (no class) 14.01.2025 Q&A and solution of Mock Exam 121 Pricing 2024/25 | Kasperski Key Learnings Explore the approach to price management that includes the steps involved in price setting and positioning Customer-centric pricing are integral to determining the optimal price point. Identifying and grouping customers with similar needs is essential for effective pricing strategies Performance bundles designed for targeted segments ensure alignment of unique needs and value perceptions of the groups 122 Pricing 2024/25 | Kasperski  You are the manager of: 1. Porsche 2. Audi 3. VW 4. KIA 5. Mercedes You aim to enter a new price segment (1-4: A segment lower, 5: entering the luxury segment) Which aspects do you have to consider in the new segment? 123 Pricing 2024/25 | Kasperski The most fundamental decisions concern price positioning: automotive Ultra-low Low Medium Premium Luxury 124 Pricing 2024/25 | Kasperski  Peter Drucker: “see the entire business through the eyes of the customer” 127 127 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 2, p. 40 Setting the right price: Target pricing 128 Pricing 2024/25 | Kasperski The goal of target pricing is to ensure that the cost of each individual product feature is below the corresponding willingness to pay of the customer for the respective attribute 129 Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 88  Target pricing starts with the willingness to pay and puts the customer research into the core of R&D The core piece of customer information is the customer’s willingness to pay Reflecting the customer’s perceived value “value-to-customer” value-to-customer and the resulting willingness to pay arise from The product Its performance attributes Guiding question: “how much should the product we plan to develop cost?” instead of “what should the product we just developed cost?” Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 88 130 Pricing 2024/25 | Kasperski  Implications of target pricing include performance bundles for target segments identify customers with the same or similar requirements and willingness to pay and group them into customer segment product ideas, so-called performance bundles, for these target segments sum of the willingness to pay for each of the value generating features results in the target price for the product Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 89 131 Pricing 2024/25 | Kasperski Key Takeaways Value-to-customer and willingness to pay are indispensable pieces of customer information for a price decision. Targeted customer segmentation allows for more precise and effective pricing strategies 132 Pricing 2024/25 | Kasperski Pricing: Session 8 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate 133 Pricing 2024/25 | Kasperski Key Learnings Competitive dynamics of pricing and how they influence market share and profitability Concept of cross-price elasticity and price-response function Strategies for monitoring and responding to competitor’s pricing actions 134 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Self study: Mock Exam (no class) 14.01.2025 Q&A and solution of Mock Exam 135 Pricing 2024/25 | Kasperski The influence of competition on pricing 136 136 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski  Companies must take competition into account in price decisions due to the interdependent forces In many markets, competitors ’ prices exert a strong influence on a company’s sales volume, the so-called cross-price elasticity competitors feel threatened by price measures, they tend to react, i.e., their reaction elasticity is likewise significant A company can implement its own price actions quickly, but competitors can usually respond just as fast Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 90 137 Pricing 2024/25 | Kasperski  The interdependent reactions and effects create complex problems in price management, competition has to be monitored systematically Identifying the relevant competitors Analysing the current prices of the competitors Anticipating their potential future price behaviour Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 91 138 Pricing 2024/25 | Kasperski The first step is to identify the relevant competitor 139 139 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski  Competition refers to all companies which are after money from the same customers, resulting in different spheres of competition Spheres of competition Example Business travel: Narrow sphere of competition When airlines set prices, they must not only (similar/identical products) take other airlines into account (narrow sphere) Broader sphere of competition (same types of products) but also companies which provide the same kinds of service such as railroads and buses Outer sphere of competition (products (broader sphere) which provide similar/related kinds of value) competitors which meet the same customer needs with different kinds of services, e.g., video conferences (outer sphere). Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 91 140 Pricing 2024/25 | Kasperski  It is advisable to analyse competitors’ current and future situations the performance attributes prices for their products their revenue market share their customer structure the perceived value of their products from the customers’ perspective Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 91 141 Pricing 2024/25 | Kasperski  Information on the competitor can be used to assess a competitors’ future potential Cost structures Capitalisation financial strength capacities production technologies sales organisations patents etc. Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 91 142 Pricing 2024/25 | Kasperski  Information on the competitor can be used to assess a competitors’ future potential Possible actions and reactions of competitors should be anticipated and included in the company's own price policy considerations Observing the competition can be very costly and time-consuming. However, it can be even more expensive to make pricing decisions without sound competitive information Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 92 143 Pricing 2024/25 | Kasperski The Price-Response Function q = p(q) 145 Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 92 The demand curve, also called the price-response function, describes the functional relationship between the price p and the sales volume or quantity q q = p(q) 146 Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 92  For individual demand two cases are distinguished: durables (yes-no) and variable quantity (consumables) Durables: The demand curve reflects a yes-no decision by each individual customer People buy one washing machine, one smartphone, one camera, or one notebook. Consumables: variable-quantity: buyers often purchase several units at a time, depending on the price Foods such as yogurt and soft drinks If the price is lower, the individual customer buys more and consumes more often Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 93-94 147 Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 95 148 Pricing 2024/25 | Kasperski  Aggregation of individual price-response functions for three different customers Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 95 149 Pricing 2024/25 | Kasperski Key Takeaways Cross-price elasticity helps in understanding the competitive landscape and potential impacts of pricing decisions Price-Response function is q=(p)q Identification of relevant competitors, analysis of their prices, and anticipation of future price behavior is necessary 150 Pricing 2024/25 | Kasperski Pricing: Session 9 Campus Mönchengladbach Winter 2024/25 Martin Kasperski, M.Sc., Ph.D.- Candidate 151 Pricing 2024/25 | Kasperski Key Learnings Learn about the implications of price elasticity Different types of demand elasticities: inelastic, unitary, and elastic Explore different pricing strategies such as penetration and skimming 152 Pricing 2024/25 | Kasperski Course Agenda 02.10.2024 Kick Off 09.10.2024 Chapter 1: Pricing Fundamentals 16.10.2024 Chapter 1 & 4: Psychology of Price 23.10.2024 Campus week (no class) 30.10.2024 Chapter 4: Price as a Quality Indicator 06.11.2024 Chapter 2: Strategy in Pricing 13.11.2024 Chapter 2: Goals setting 20.11.2024 Chapter 3: Price Management 27.11.2024 Chapter 3: Competitive Dynamics 04.12.2024 Chapter 3 & 7: Price Elasticity and Pricing Strategies 11.12.2024 Feedback session 07.01.2025 Self study: Mock Exam (no class) 14.01.2025 Q&A and solution of Mock Exam 153 Pricing 2024/25 | Kasperski Price Elasticity 154 154 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski The influence of price on sales volume is measured by the price elasticity. An elasticity is the ratio of the percentage change in sales in relation to the percentage change in price 155 Pricing 2024/25 | Kasperski Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 95-96  Example: The price of a jacket increases from 100 € to 110 €, and the quantity demanded therefore decreases from 10 jackets to 8. What is the elasticity? 156 156 Pricing 2024/25 | Kasperski Pricing 2024/25 | Kasperski  The interdependence of price and volume results in a managerial interpretation of the arc elasticity Interpretation: Arc Elasticity If the price increases by 10%, the volume sold decreases by 20% For each percent increase in price, the volume reduces by two percent The negative sign indicates that volume and price changes move in opposite directions 𝜀𝜀 = 20% = -2 −10% Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 96 157 Pricing 2024/25 | Kasperski  The interdependence of price and volume results in a managerial interpretation of the point elasticity Point Elasticity Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 96-98 158 Pricing 2024/25 | Kasperski Example for point and arc elasticities: Task Task Price sales function: q(p) = 50.000 - 2.000p Price change from 20€ to 18€ and therefore quantity change from 10,000 to 14,000 Please calculate the elasticity with both methods 159 Pricing 2024/25 | Kasperski Example for point and arc elasticities: Solution 160 Pricing 2024/25 | Kasperski  The effect of competitors’ prices on one’s own volume is measured by the cross-price elasticity If the competitor cuts its price by 10% and one’s own volume drops by 5%, the cross-price elasticity is +0.5 The sign is positive because both changes (the competitor’s price cut and one’s own sales decline) move in the same direction If both products are complements (e.g., copy machines and cartridges), the cross-price elasticity-like the direct price elasticity in formula - is negative. Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 98 161 Pricing 2024/25 | Kasperski The effect of competitors’ prices on one’s own volume is measured by the cross-price elasticity The cross-price elasticity expresses the percentage change in volume q(A) of product A, when the price p(B) of product B changes by 1% If A and B are substitutes, i.e., products which are direct competitors (such as the Ford Focus and the Honda Civic), the cross-price elasticity is positive 162 Pricing 2024/25 | Kasperski  Depending on the product the demand can be elastic or inelastic Inelastic demand (|𝜺𝜺| < 1) relative change in quantity is smaller than relative price change Implication: Increase in price leads to an increase in profit Unitary Elastic demand (|𝛆𝛆| = 1) relative change in quantity equals the relative price change Implication: Increase in price leads to a similar profit |𝛆𝛆| = |-4|= 4 > 1 => Elastic demand (|𝛆𝛆| > 1) elastic demand relative change in quantity is greater than relative price change Implication: Increase in price leads to a decrease in profit Simon & Fassnacht (2019). Price Mgmt. Ch 3, p. 102-107 163 Pricing 2024/25 | Kasperski Empirical observed price elasticities vary significantly across products Interpretation: If the price of the product rises by 1% the relative sold quantity decreases (due to the negative sign) by the amount of the elasticity. E.g. if the price of jam increases by 1% the sold volume decreases by 4,34%. 164 Pricing 2024/25 | Kasperski  A Penetration Strategy starts with a low market entry price in order to gain market share fast Low market entry price Goal: fast market penetration Price may increase or decrease in future periods Higher likelihood to use penetration strategy, if: Penetration Strategy “take-off” of product category already occurred Competitive intensity high Product differentiation low Simon & Fassnacht (2019). Price Mgmt. Ch 7, p. 275-277 165 Pricing 2024/25 | Kasperski  The Skimming Strategy aims to take advantage of the newness product in order to extract the maximum willingness to pay High market entry price Goal: fast amortization of new product investments Gradual price reduction in future periods Higher likelihood to use skimming strategy, if brand is an established brand Simon & Fassnacht (2019). Price Mgmt. Ch 7, p. 273-275 166 Pricing 2024/25 | Kasperski The development of a price includes five stages, starting from the analysis until the implementation and monitoring 167 Pricing 2024/25 | Kasperski  Pricing strategy over the product life cycle Introduction Growth Maturity Decline Skimming vs. penetration Revisit price strategy Defensive price policy, Maintain or raise price decision usually price reduction level to increase the contribution per sales dollar Simon & Fassnacht (2019). Price Mgmt. Ch 7, p. 261 168 Pricing 2024/25 | Kasperski Key Takeaways - Arc Elasticity - Point Elasticity Price elasticity measures how sensitive the quantity demanded of a product is to changes in its price. It indicates how much demand will increase or decrease in response to a price change The choice of pricing strategy (penetration vs skimming) depends on market conditions and competitive landscape 169 Pricing 2024/25 | Kasperski Sources Esch, F. R., Herrmann, A., & Sattler, H. (2017). Marketing: eine managementorientierte Einführung. Vahlen. Kotler, P. (2012). Kotler on marketing. Simon and Schuster. Simon, Hermann, and Martin Fassnacht. "Price Management for Services." In Price Management, Cahpter 1. Springer, 2019. Homburg, C. (2016). Marketingmanagement: Strategie-Instrumente-Umsetzung-Unternehmensführung. Springer-Verlag. 170 Pricing 2024/25 | Kasperski