ditch the discounts
TRANSCRIPT
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Ditch THE
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Why?
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To
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Provide great discounts to increase their sales.
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During weak demand
?
How else to Bolster
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Weak demand due to sluggish growth rate of gdp
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“across the board “ price cuts reduces the profit:
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Deep DISCOUNTS devalue the PRODUCT or SERVICE and limits it price increase in future.
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“IN the present economic environment what may be the solution to increase sales without giving discounts and devaluing the product?
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Adaptive pricing
The preferred
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Adaptive pricing: which capitalizes a fact that different customers have different needs and place different value on different product.
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Key to Adaptive pricing:“PRICE “ is one of the product’s attributes.Different channels different prices:-
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By using ADAPTIVE PRICING : increse the product’s appeal to the product without decreasing the priceCompanies using adaptive pricing technique weathered off RECESION easily rather than companies giving DISCOUNTS.
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Method of adaptive pricing: VERSIONING:- to provide “best” “better” and “good” versions of the same product.Providing quality products(new version) at low price :-powerful magnet for price sensitive consumers.
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What a company should for ADAPTIVE PRICING?
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Introduction of Lower Priced version:
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Using promotions to avoid price drpos
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Adapt products to maintain affordability:
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Unbundle services and add extra fees:
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Withdraw recession pricing tactics:
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Introducing new premium products:
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Increase in the price of regular products:
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Offer new luxury experiences:
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Some examples:
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It is unable to defeat airlines and hotels in terms of adaptive marketing:
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Adaptive pricing in terms of INDIAN market:
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Telecom industries: unbundling the services:
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Oil,shampoo, soap, dry fruits etc.:-reduction in volume and size.
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Cloth showroom and newspapers:
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Airlines and hotels: unbundling the services,providing special luxuryAnd incentives
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Created by Anurag Singh,NIT Silchar,Undwer the internship of Prof. Sameer Mathur,IIM lucknow.