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Planning for Pricing

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Building a Marketing Plan: A Complete Guide is a 10-chapter book written by three marketing faculty at Central Queensland University, Australia: Ho Yin Wong, senior lecturer, Kylie Radel, lecturer, and Roshnee Ramsaran-Fowdar, senior lecturer. The book was written to provide both marketing students and business professionals with a comprehensive and practical framework for developing a marketing plan. Drawing together theoretical concepts, strategic thinking processes, and recent research findings, the text helps the reader conduct in-depth situational analyses, develop a deep understanding of target markets, set measurable and timely marketing objectives, develop a series of marketing strategies based on four key elements of marketing, and ensure that appropriate implementation and control mechanisms have been considered. To show how to apply the marketing planning framework discussed in chapters 2-10, the authors provide a comprehensive example in the appendix. Chapter 7 examines strategies to consider when preparing a pricing plan. Internal and external factors affecting pricing decisions are discussed, including buyer's perceptions of price and value, competition, and demand and price elasticity. Five general pricing approaches are explored in detail: cost-based, demand-based, competition-based, channel-based, and product mix-based. Internet pricing is then discussed, as are methods for developing a pricing plan.
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