Literature Review on Pricing Strategies and Theories

Literature Review on Pricing Strategies and Theories Abstract: This purpose of this research is to study how the organization decides the price for the products. As price is considered has a very high sensitive factor of an organisation. In this study we are going to see the role of Pricing, different methods of pricing and effects of pricing on organisation and consumer behaviour. The pricing is explained with literature review followed by critical evaluation and ends with solution with valid recommendation. Introduction: Customers and determination of price is necessary for every organization. As this both customers and price have a high relation to the demand for products. Even there is a small increase in price levels it will highly affect the demand for the product and the organization profit. The price determines what products/services could be produced and in what quantities. Secondly it determines how to produce and finally whom to produce. There organization should be cautious while altering the price for the goods and services by changing the quantity, quality and by providing premiums or discounts, acceptable form. When there is raise in demand for service will led to increase in prices, which in terms led to concern of public or governmental activity. There are different ways in which the price of the products is determined. These are the foremost strategies that business use like Competition based pricing, Cost-plus pricing, Creaming or skimming, limit pricing, Loss leader, Market-oriented pricing, Penetration pricing, Price discrimination, Premium pricing, Predatory pricing, Contribution margin-based pricing, Psychological pricing, Dynamic pricing, Price leadership, Target pricing, Absorption pricing and Marginal-cost pricing. As their name it explains the method of pricing. Methods: Pricing was considered has a process towards achievement and to face the competitors of business. So that organisation thinks effects of pricing should be the targeted on returns. What method of pricing to be adopted. Whether adopted pricing would attract the customer and maximize the profit of business. Determination of price requires the organisation fully focused on the markets. These strategies should be considered while determining the price for the product. Aims Objectives: The aim of this research is to investigate; whether CRM supports the Marketing Strategies of an Organization. To conduct the literature review on Pricing Strategies To evaluate the methods of pricing theories To analyse the effects of pricing on returns. Literature Review: Customers are important for every organization. Numerous researches had been conducted for determining the method of pricing, which is explained in Literature review, has normally segregated in two divisions. First division will explain about a pervasive context about the, pricing and methods of pricing. The second part of this assessment deals with the previous related studies. Price is a highly sensitive factor of an organization. The standard economic analysis of pricing is based on the customers desire for the product its usually depends up on the income of the customer and other factors like ethnic origin. There are some consumers may pay high prices, while others willing to pay only lower prices. Instead of charging same price to all, the organization decided to charge different price for different customers as it will increase the business profit. This method of pricing is known as price differentiation. In earlier days sellers of perishable goods would sell the old products at low price instead of dumping or taking back home. If the price of competitor product was reduced it is necessary to reduce the price of the product, as it could create loss of customer and market. The pricing based on the competitors is competitive based pricing. The simplest method of pricing is cost-plus pricing. It just calculates cost of producing the product and adds on a percentage of profit to that price. Sacrificing high sales for gaining higher profit. Low volumes at high price. This is suitable for products that have short life cycles. It skims the profit from the market. It is known as market skimming. A monopolist set limit price to discourage others entry in to the market. Limit pricing is illegal in many countries. Loss Leader pricing strategy was illegal under EU and US. They sell the product below the cost, so the loss appears as public interest. It is similar to predatory pricing. Some business set their prices based on the analysis and compiled from the target ed market. This is known as Market-Oriented pricing. The organization set different price for the same product In the different segments to the market. This method is called Price discrimination Psychological pricing strategy the price is designed on the positive psychological impact on customers. For example, price of the product at  £3.95 or  £3.99, rather than  £4. Price leadership is an observation that usually one company would be the dominant competitor among several other companies. They will follow that soon. Target pricing strategy is calculated to produce a particular rate of return on investment for a specific volume of production. It is often used by public utilities and companies with high capital investment. These methods of pricing all the cost incurred are recovered. This is a form of cost-plus pricing. The practice of setting the price of a product to equal the extra cost of producing and an extra unit of output is marginal-cost pricing. The impact of price e lasticity should be considered while deciding the price. The degree of price elasticity focuses on the proportionate changes. The percent of change in price would be something less than the fall in sales is inelastic price. In case of price elastic the percent of change in quantity demanded greater than change in price. Slow inflation rates from other countries economies have led to the need for new approaches of pricing strategies. Five factors to be considered on determining the price are Demand, cost, competitive factors, corporate profit and market objectives and regulatory constraints. Previous Related Study:- Combivir and Trizivir case study â€Å"Some of the more dominant groups with observe to pricing in the HIV market are patient advocacy groups. Distinct patients on other condition, save probably cancer, HIV/AIDS patients are predominantly mobilized and oral when it arrives to treatment. This had guided to the growth of a widespread expanded admittance programs for products in development, and then patient assistance programs for new, costly products. Companies are well aware of the benefits of maintaining a positive relationship with the patient base. Combivir was launched essentially the same price as the some of the components. This not only replicates GSKs desire to make new treatments accessible to patients at a reasonable price, but also that mixture therapy was flattering more widespread and that physicians did not need a discounted price to justify recommendation. However, clearly single-agent therapy is still commonly used, as lamivudine unit sales (not including combinations) continue to be greater than Combivir unit sales. Only around the end of 2002 do lamivudine unit sales begin to decrease. Trizivir was also priced similarly at the some of its components prices, indicating the companys aspiration to keep it available to treatment for immature patients. GSK held Combivirs price the same in most markets when Trizivir was launched. The intension was not to have Trizivir cannibalize Combivir patients. Combivir still had a low price relative to Trizivir which would continue to make it attractive to many physicians. Sales of Trizivir quickly slowed as a result of clinical results showing that the three drugs used in the fixed-dose combination were not as effective as other three product combinations. Combivir has not had similar clinical setbacks and has continued to enjoy strong, but flat, sales.†( Combivir and Trizivir case studies) In this case study Combivirz has adopted the market oriented pricing method and penetration pricing hence it can be able to survive in the market after the tough competition with Trirzivir. Determination of price is considered as important to survive in the market and to gain consumer interest. Borden Company vs. Federal Trade Commission In 1958 the FTC issued a complaint against Borden Company for selling the same products to different customers at a different price and ceased price discrimination on goods. Tom Nagle, Reed Holden, Kent Monroe, Eric Mitchell had trail the price leadership and companies following these ideas but when it is tested with the scientific methods invented like hypothesis does not fetch the expected results. Michael V.Marn, Eric V. Roegner and Craig C.Zawada has analyzed about price wars in the book The Price Advantage explains how to react for the change in price of competitors. They said that make the customers focused on the benefits, do not over spend on advertising, gaining the market share rapidly from one or two competitors. Rapid changes in the market almost set the price war. Do not react until you understand the reason for price cut of competitor. If you dont understand the well delay your response until you understands the facts. Do not react with lower price as it affects the organization. They suggest when there is need in change of price it is necessary to analyze the consequences as it could affect the market and over all organization. â€Å"Thomas Nagle and Reed Holden outline 9 laws or factors that affect buyers price compassion with respect to a given purchase in the book The Strategy and Tactics of Pricing. o Reference Price Effect Buyers price sensitivity for a given product rises the elevated products price relative to apparent alternatives. Perceived alternatives can vary by buyer segment, by occasion, and other factors. o Difficult Comparison Effect Customers are less sensitive to the price of a known / more reliable product so they would have complexity of comparing it to possible alternatives. o Switching Costs Effect The higher product-specific on investment a buyer must make to switch suppliers, the less price responsive that buyer is when decide between substitutes. o Price-Quality Effect customers are less sensitive to price they think higher prices seems higher quality. Products for which this result is particularly relevant. o Expenditure Effect Buyers are more prices sensitive as soon as the expense accounts for a large percentage of buyers obtainable income or budget. o End-Benefit Effect The effect refers to the relationship a given purchase has to a larger overall benefit, and is separated into two parts: Derived demand: The more responsive buyers are to the price of the end benefit, the more responsive they could be to the prices of those products that contribute to that benefit. Price proportion cost: The price amount of cost refers to the percent of the total cost of the end benefit accounted for by a given element that helps to produce the end benefit (e.g., think CPU and PCs). The lesser the given components portion of the total cost of the end benefit, the less sensitive buyers will be to the components price. o Shared-cost Effect The smaller the portion of the purchase price buyers must pay for themselves, the less price sensitive they will be. o Fairness Effect Buyers are more sensitive to the price of a product when the price is outside the range they perceive as â€Å"fair† or â€Å"reasonable† given the purchase context. o The Framing Effect Buyers are more price sensitive when they perceive the price as a loss rather than a forgone gain, and they have greater price sensitivity when the price is paid separately rather than as part of a bundle. Critical Evaluation: The research conducted on the supermarkets the Cost effects all the other coefficients are important and reliable with well-mannered approximate reproduction, representative to contributing extra services produce extra costs bear by the supermarket chains. The approximate limitation for the long-run charge components designate that 0.15% and 0.21% (respectively) of the extra long-run cost for effective food and non-food services is owed to milk sales, while the amount of the additional cost of operating a store that is 1,000 square feet /larger owed to milk sales is 0.13%. Also, although the additional long-run cost module does not collision the short-run marginal cost, at the model averages, for each gallon of milk sold the long-run marginal cost of services is approximate equal to $0.0216 for the in-store services model and $0.0158 for the store-size model. Overall, the results confirm Ellicksons (2006) finding that retailers provide Quality with an augment in fixed costs, followin g Shaked and Suttons (1987) endogenous cost model.( Journal of Revenue and Pricing Management) The estimated marginal collision of retail services on milk prices (at the sample averages). Affects milk prices positively, in constancy with preceding answer (Cotterill 1999; Bonanno and Lopez 2004). spotlight on the in-store services model results first, food services show a marginal price-increasing effect roughly one-third that of non-food services. While the consequence of non-food services on milk prices is mainly due to marginal cost changes, the effect of food services is mainly due to market power. It should be noted that there are considerable economies of scope produce by increases in food services.( Journal of Revenue and Pricing Management) A limitation of the analysis offered in this article includes dependence on strong supposition based on the nature of supermarket competition. Prospect research might expand the analysis by comforting the short-run monopoly postulation to unscramble the communications between strategic pricing and service provision. Another noticeable limitation is the use of burly functional forms used for the demand and cost functions. The use of more elastic functional forms, although hard to apply with the available data. ( Journal of Revenue and Pricing Management) First, the study was limited to one service setting and one customer segment. Additionally study transversely other services that apply revenue management and other customer segments is needed to institute the simplify aptitude of our conclusion. Secondly, the data used in the revise were obtained from an existing survey database. Research using review instruments specially intended for a field study should also be carry out to determine the robustness of the results. Finally, the study did not, nor was it planned to; detain all of the qualifications of revisit meaning. In particular, there may be extra factors power the relationship between price and customers return intentions. An attractive research area to believe is role of customer discernment of value in the price-return intentions relationship. The effect of affective commitment on the price-return intentions relationship also merits examination. (Journal of Revenue and Pricing Management Vol. 7, 4 357-369) the steps needed to appropriately implement the strategies: breaking down pricing decisions by region or by customer segment; constructing result on rigid data filter during complex software; basing optimal prices on inventory positions, offering manufacture capacity, demand predictions and aggressive market conditions; and creating â€Å"sense and respond† mechanisms that allow them to test often and react fast. Conclusion: The pricing strategy is considered as the success factors for the organization. Now we know the consequences of pricing decision are likely to have on customers purchasing behaviours—and on financial performance, regionally or globally, short term and long term. They could plan more assertively for the potential on more calculated risks and creation of fewer guesses. Finally, effective pricing is the most excellent way to make the major difference in earnings while conserving unit sales and market share. It is, in effect, the last major step on the path to high performance. References: †¢ The price is right . . . isnt it? Greg Cudahy and George L. Coleman †¢ Competition effects of supermarket services Alessandro Bonnanno and Rigoberto A.Lopez †¢ The effect of price on return intentions:Do satisfaction and reward programme membership matter? Breffni M. Noonen and Daniel J. Mount 2008 Palgrave Macmillan, 1476-6930 Vol. 7, 4 357-369 Journal of Revenue and Pricing Management †¢ The price advantage By Michael V. Marn, Eric V. Roegner, Craig C. Zawada †¢ Pricing on purpose: creating and capturing value By Ronald J. Baker

Child Labor Essay -- Essays Papers

Child Labor Child labor has been around for long time and it still exists in today's world. Thiskind of labor provides problems or difficulties in the economic world. Child labor is social problem with the rise of industrial production and capitalism. It appeared in earlier ages in agricultural societies when the children all around the world had to work along with 19th century, spreading to many countries. The problems started when many children, younger than ten years old, were employed by factories. In this paper I will address the issues and history of child labor, the child labor laws, and my suggestions or solutions to child labor problems. Child labor is defined as the employment of children under the age of physical maturity for long hours. Child labor is often used in societies where industries are being developed. The governments and international organization usually consider a person economically active if the person works on a regular basis. A child is a laborer if the child is economically active. The children are used because they are agile, efficient at many unskilled and semi skilled work, quick learners, unprotected and easy for adults to exploit. Historically, children working is nothing new, it was and still is often described for a family's survival. Many of these children are forced into the workforce to become beggars, farm hands and factory workers. These children are denied an education and normal childhood, some children are confined and beaten. Some are denied freedom of movement or the right to leave the workplace and go to their families. Some are abducted and forced to work. Human rights abuses in these practices are existing. There are approximately 250 milli... ...ause criminal is always going to be a criminal. My opinion is that there should be a trade restriction because I want to see some changes in these countries thatuse child labor and trade restrictions on them would be my best choice. Bibliography: 1. â€Å"Child Labor†, http://1rights.igc.org/projects/childlabor/ 2. â€Å"History Of Child Labor†, http://www.atchison.K12.ks.us/gifted/childlabor.html 3. UNICEF, â€Å"Child Protection†, http://www.unicef.org/protection/index_childlabour.html 4. Human Rights Watch, â€Å"Child Labor†, http://www.hrw.org/children/labor.html 5. â€Å"Child Labor Laws†, http://www.doli.state.mn.us/childlbr.html 6. â€Å"US Child Labor Law†, http://www.cofc.edu/~muellerr/childlabor.html 7. â€Å"Children In Factories†, http://www.globalmarch.org/factory-lab/indonesia.html 8. â€Å"Kaushik Basu†,

HRM Problem in Indian Airlines

Introduction The Indian Airline was set up under the Air Corporations Act, 1953 with an initial capital of Rs. 32 million and started operations on 1 August 1953. And it dominated the Indian aviation sector during the 80's and 90's. However the rules of monoploy were deregulated in 1994. Following which many carriers entered the market. However, only two strong competitors emerged during the 1990s which were the Jet Airways and Air Sahara.This competition from the new private carriers required the airline to adapt to the new order, a process which was difficult due to the fact that management did not have complete commercial freedom, and the government was unwilling to invest in the airline. Another big reason was the Human Resource Management problems including the inefficient manpower planning, unproductive deployment manpower (results of ad-hoc job analysis), and unwarranted increase in salaries and wages caused a number of strikes by the staffs and the ultimate result is losing c ustomers and the losses in revenue.Between 1999 and 2003, the carrier’s fleet did not increase by a single aircraft – during the same period the private carriers’ fleet almost doubled to 53. Inevitably, Indian Airlines’ market share declined, from 100% in 1994 to 40% by 2004 and just 20% by 2007.Background of IA Indian Airlines is one of the prime airlines in India. It is based in Mumbai and focuses primarily on domestic routes, alone with a few international services to neighboring Asian countries. The airline is state-owned and also administered by the Ministry of Civil Aviation. Along with Air India, it is the flag carrier of India. The airline came into existence by the enactment of the Air corporations act in 1953.It has been renamed as ‘Indian' on December 7th 2005. It started with about 99 aircrafts and was the outcome of a merger of sorts among several former independent airlines. In 1964, Indian Airlines moved into the jet era with the intr oduction of Caravelle aircraft and also inducted a Boeing 737-200 in early 1970. In a fresh wave of deregulation, nine new independent airlines were launched in India in the early 1990s. Vayudoot, the state-owned feeder airline, itself collapsed in 1993. On 1st March 1997 Indian Airlines became a Public Limited Company.Presently, it has about 70 aircrafts including Airbus A300, Airbus A319,  Airbus A320and an ATR-4. Some of the foreign destinations that are included in its directory are Kuwait, Singapore, UAE, Qatar, Thailand and many more South East Asian countries. This airline was the first to introduce wide-bodied A300 aircraft in the domestic circuit. There are a total of 75 exclusive destinations covered by this airline, 59 within India and 16 abroad.HR IssuesWhen the government open up the sky by privatize the industry, one of the start-ups, East-West Airlines, offered such attractive wages that they prompted a pilots' strike at Indian Airlines in December 1992 during the w inter tourist season. Indian Airlines had 570 pilots at the time, making an average of Rs 30,000 ($962.00) a month. The airline lost Rs2.11 billion ($64.34 million) for the year. Chairman and managing director L. Vasudev had been hired in July 1992, filling a position vacant since the previous chairman had resigned due to the handling of yet another strike.Mr. Vasudev also resigned in May 1993 blaming the aviation ministry for undermining his authority. Russy Mody was named chairman of both Indian Airlines and Air-India in late 1994. He resigned two years later, also citing a lack of authority. During 1998 both Indian Airlines and Air-India were losing money and needed to restore their aging fleets by the end of the year, the Civil Aviation Ministry had dismissed a joint board of directors from the two airlines.All of the chaos happened because of: †¢The recruitment process †¢Job analysis in IA was not done by scientifically †¢Performance appraisal and reward systems were not scientifically doneFindings †¢Lack of proper manpower planning †¢Underutilization of exiting manpower †¢Without proper scientific analysis †¢Increased staff cost during 1994-98 †¢Unnecessary interference by the Ministry of Civil Aviation †¢Unscrupulous methods use †¢Strikes, go-slow agitation and wage negotiations †¢In 1993- 46 days strike by pilots †¢Unethical (false) medical claims †¢Pilots didn’t work overtime even though they got more money †¢Maximum number of employees per aircraft †¢Lack of government decision policy †¢Unethical practice of service on productivity liked incentives †¢30 full time directors and their retinue of private secretaries, drivers and orderlinessSWOT ANALYSISSTRENGTHS†¢Large fleet. †¢Experienced staff. †¢Adequate infrastructure and large network. †¢People are loyal towards the national carrier. †¢Government Backing.WEAKNESSES†¢High overhea ds and huge workforce resulting in lower output. †¢Attitude of the staff (The Unions) †¢Political/Bureaucratic unnecessary interference. †¢Indian Airlines has its socio-economic responsibility of catering to the inaccessibility areas at subsidized rate affecting operational expenses. †¢Job security too high.OPPORTUNITIES†¢Tourism industry is gaining momentum. †¢Induction of new aircrafts on lease. †¢Response to some of the promotional fares (schemes) is encouraging. †¢Shelving of the privatization plans of Indian Airlines by the Government of India. †¢Weakening of the dollar rate in comparison to the rupee.THREATS†¢Perception of the better product in comparison to that of the competitor †¢Recent world events hitting the tourism industry badly †¢Increase in the capacity of various airlines †¢Falling market share of Indian Airlines to that of Jet AirwaysRecommendation From 1997, to till now IA had only emphasized on dist ribution, with marketing as a non-issue. Since the company was faced with increasing competition, lack of resources and mounting losses, it had to formulate and implement scientifically proved HR strategies. The best way to prevent union strike is to work with the union and develop policies that avoid a clash between companies and its employees. Unions in projects is different, unions in large corporate is different. We can contain and curtail the strikes in corporate offices but containing it plants need some analysis.1.Check was there any change in the Head of HR department2.The earlier head was removed or retired or left on his own3.Union leaders are locals or outsiders4.Were there any simmering issues which were pending for a long time?5.The earlier agreement is due for re negation?1 and 2 are most important to find the reason and reactions. 3 are to know how the outsiders involved in the local union and so we can divide the union. 4 and 5 – it is always better to keep th e process of the negotiations on the go, and try throwing the ball in their court as far as possible instead of keeping the issue pending with company. And have discussions, deliberations and best method is to divide the employees into department wise – by telling them that it is for close contacts with the all employees.Implementations To implement the decisions taken during the mid 2001, IA followed steps stated below.1.As the first step free and frank discussions with a cross section of the employees were held. Top management undertook extensive tours of all stations to communicate the details and vision behind all major policy initiatives and to get their response to them.2.Focus on training of personnel was enhanced to increase effectiveness.3.A greater transparency was built into recruitment and transfer policies with a view to boosting their trust and confidence.4.In interactions with unions and Associations a firm but fair attitude was taken.5.Productivity Lined Agree ments, where the inflows exceed the outflows despite the fact that market wages were being given, were entered into.Conclusion Airports are the primary infrastructure facility that a country has to offer to the international travel. The case ‘Indian Airlines' HR problems', examines the causes of the HR problems faced by Indian Airlines. The case reveals how poor management and stubborn work force can drive a monopoly into losses. The case also throws light on other lapses such as poor canteen management and payment of excessive allowances.The case is so structured as to enable students to understand why and how Indian Airlines was constantly plagued by HR problems. The students should be able to see how the pilots and other workers used arm-twisting tactics to get IA to agree to all their demands. The case also provides insights into how IA's lackadaisical handling of its HR problems contributed to the overall mess that the airline found itself in.

The, New Zealand On The South Island - 854 Words

The 2010 Canterbury Earthquake happened near Christchurch, New Zealand on the South Island on September 4, 2010 at 4:35 a.m. (see figure 1) (Te Ara Encyclopedia of New Zealand, n.d.). The focus of the earthquake was at 5 km or 3.1 miles below the surface (United States Geological Survey, n.d.). It had a 7.1 magnitude on the Richter Scale and it caused widespread damage in the city. Two people were injured and one person died from a heart attack, but it was not known if it was related to the earthquake. There were very few causalities because most people were home at the time of the earthquake. It was caused by movement along a previously unknown fault in the Canterbury Plains. The fault appeared about 50 miles from the boundary between the Australian and Pacific tectonic plates (Te Ara Encyclopedia of New Zealand, n.d.). Thousands of smaller aftershocks occurred several months afterwards (Te Ara Encyclopedia of New Zealand, n.d.). The largest one happened on February 22, 2011 at 12:51 p.m. with a magnitude of 6.3. This aftershock occurred near Christchurch and 185 people were killed. One-hundred and ten people were killed because of the collapse of the Canterbury Television (CTV) building (Rafferty Murray, 2014). There were so many causalities because the earth quake happened around lunchtime, when many people were on the streets (Te Ara Encyclopedia of New Zealand, n.d.). Between September 2010 and December 2011, Christchurch was damaged by six earthquakes: theShow MoreRelatedObstruction Of New Zealand726 Words   |  3 PagesNew Zealand is made up of two islands (North and South Island) which are located roughly a 1,000 miles Southeast of Australia. The country is relatively small with an area of 103,000 square miles (CIA). There are pros and cons to the country’s small size. The advantag e of its size is it will be easier to create brand exposure. 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