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Pricing Your Product: Setting the Sale Price

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This PowerPoint was presented by James Matson at the 2012 Local Foods Network Workshop: Taking the Product to Market in Spencer Virginia. In his presentation, Matson explores how to develop a pricing strategy that is right for your business.

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Pricing Your Product: Setting the Sale Price

  1. 1. PRICING YOUR PRODUCT: SETTING THE SALE PRICE October 18, 2012 – Local Foods Network James Matson Agribusiness/Marketing Consultant
  2. 2. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting JAMES MATSON
  3. 3. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING YOUR PRODUCT • Developing a pricing strategy can be a long drawn out affair. • We can even skip lunch to learn about all the processes. •Or…
  4. 4. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting WHAT IS FAIR PRICING? We can determine what is fair pricing. What is fair pricing? Whatever the market will bear.
  5. 5. ©Matson Consulting THE END!
  6. 6. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting SORRY NOT YET… • Sorry, there is a bit more to fair pricing than that. • But don’t forget. • “Whatever the market will BEAR!”
  7. 7. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting WHAT IS FAIR PRICING? • So, how do we determine how much the market can BARE?
  8. 8. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES • Multiple pricing strategies can be employed to find the right price for your goods. • Here are some examples.
  9. 9. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES •$0.50 to grow •$0.25 to sell Contribution Pricing is determining how much it costs to bring the good to market then adding a margin. $0.75 + Margin
  10. 10. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES Penetration Pricing offers a low price to get exposure and gain wide acceptance quickly.
  11. 11. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES Skimming The Market is to introduce the product at a high price for affluent customers only. It causes low volume and high margins which can effect your company in negative ways.
  12. 12. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES Psychological Prices are emotionally satisfying to the customer. It is most efficient when you are selling directly to the consumer.
  13. 13. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES • Competitive Pricing is to find out what competitors are selling at, then match or undercut. Credit: http://mytechandspace.blogspot.com/
  14. 14. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES • Differentiated Pricing is to take different prices for the same product in different situations.
  15. 15. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting DIAMOND WATER PARADOX Water Diamonds
  16. 16. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING STRATEGIES Airline Pricing Model One Seat $59 Another Seat $2559
  17. 17. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICE-TAKING VS PRICE-MAKING •A price-taker is an individual or firm who is not influential enough to affect the price of an item. •A price-maker is an individual or company which is influential enough to affect the price of an item.
  18. 18. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICE-TAKING VS. PRICE-MAKING • We should always strive to be price-makers. • To do this we need to make our products unique. • This is done by making substitutes hard to find for customers.
  19. 19. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting WHAT MAKES THESE APPLES DIFFERENT?
  20. 20. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting PRICING AND REPRESENTING YOUR BRAND • Pricing can be the best representation of your brand in the marketplace. Rolex Timex
  21. 21. October 18, 2012 – Local Foods Network Work Shop ©Matson Consulting FAIR PRICING CONCLUSIONS •Finding the right price is about maximizing revenue. •Common sense is the always the best solution to pricing your products.
  22. 22. ©Matson Consulting  Grant Writing Workshops  Grant Management  Assn. Developmental Activities  Strategic Planning  Program Evaluation  Meeting Facilitation  Feasibility Studies  Business Plans  Marketing Plans  Board Training  Crisis Communication  Survey Design and Execution  Marketing & Brand Development Services Available October 18, 2012 – Local Foods Network Work Shop
  23. 23. ©Matson Consulting WWW.MATSONCONSULT.COM JMATSON@MATSONCONSULT.COM 803-233-7134 “Whatever the market will bear!!!”

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