定价的策略和战术.ppt

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1、1,The Strategy and Tactics of Pricing定价的策略和战术,2,The Cost-Plus Delusion加成定价法的谬误,Financial prudence出于财务谨慎的考虑How to determine mark-up?如何决定加成比例?Overpricing in weak markets and under-pricing in strong markets 在疲软市场的过高定价和在强劲市场的过低定价,3,Value By Customers消费者认定的价值,Affordable but sufficiently sporty car 消费者需要既

2、买得起又潇洒漂亮的跑车In 1964,Ford met the challenge with its Mustang,at a base price of$2,368.1964年福特推出定价为2368美元的Mustang车来迎接这项挑战Net profits of$1.1 Billion,in 1964 dollars,in just the first two years 在最初的两年间净利达11亿美元,4,Developing an Effective Pricing Strategy设定有效的订价策略,customers willingness to pay for the good o

3、r service 消费者的购买意愿cost of providing the good or service 生产成本degree of competition 竞争程度,5,Demand Curve,I需求曲线,6,Demand Curve,II需求曲线,the maximum price the consumer is willing to pay/marginal benefit 顾客愿意支付的最高价格/边际利益the more the less desirable/diminishing marginal benefit 越多就越不热切/边际利益递减,7,Demand and Inc

4、ome需求和收入,Normal/inferior products 正常/劣等品International and regional business 国际和区域业务expected income 期望收入Irrational exuberance in U.S in the 1990s.美国90年代末：非理性旺盛Deflation in Japan in the past decade 日本最近十几年：通货紧缩,8,Foe or Friend是互替还是互补,Prices of related products 相关产品的价格Substitutes:chicken/beef,video/mov

5、ie 替代品:鸡/牛肉,录像/电影Complements:meat/wine,movie/popcorn 互补品:肉食/葡萄酒,电影/爆米花,9,How to secure complements?怎样得到互补品的支持?,Dan Ryan&UA Pacific Place 香港太古广场的电影院和芝加哥风味的餐厅Pepsi,AOL 百事可乐,美国在线PCCW,Softbank 香港电讯盈科，日本软银HK Disneyland 香港迪斯尼乐园,10,Demand for Durable Goods耐用品的需求,Expectation about future prices and income 对

6、未来价格和收入的期望Financing costs 融资成本Prices of used models 二手货的价格future value of new good 代表新货物的未来价值substitute for new good 新旧货物的替代关系,11,Factors influencing market demand:影响市场需求的因素,Income level and distribution 收入高低和分布Population and demographics 人口多少及构成 Market saturation 市场渗透率Network externality 外部效用,12,收入

7、,成本,和利润,13,利润最大化的条件,14,最优定价,Operate at scale where marginal revenue=marginal cost 边际收入=边际成本的规模Equivalently,set the incremental margin percentage equal to the inverse of absolute value of price elasticity of demand,设边际毛利率等于需求价格弹性的倒数(price-MC)/price=-1/e,15,自身价格弹性 Own-Price Elasticity,定义:1%的价格增长所引起的需求

8、的变化量自身价格弹性=,16,Price Elasticity:Determinants价格弹性:决定因素,availability of direct or indirect substitutes 直接或间接替代品的多少Perceived substitutes effect(Woolite)被认为的替代效应Unique value effect(Heinz ketchup)独特的价值Difficult comparison effect(brand name products)不可比较效应(名牌产品)Price-quality effect(doctors,lawyers)价格质量效应(

9、医生,律师)Inventory effect(canned tomatoes,diapers)库存效应(罐装西红柿,纸尿片),17,More on Determinants of Price Elasticity 再谈价格弹性的决定因素,cost/benefit of economizing 寻找替代品的成本及收益Expenditure effect(engine oil)费用效应(引擎油)End-benefit effect(Baby and Michelin)终端利益效应（米其林和婴儿）buyers prior commitments 买方是否有事前的投入separation of buy

10、er and payee 购买者和付款者的分离,18,Advantage 竞争优势,1981:American Airlines pioneered frequent flyer program 1981年:美国航空公司推出里程优惠计划 buyer commitment 购买者事前投入 business executives fly at the expense of others 公差,19,Demand Elasticity Under Optimal Pricing最优定价下的需求弹性,always set price so that demand is elastic 总是设立价格,使

11、需求具有弹性if demand more elastic,then lower incremental margin percentage(IM%)如果需求弹性较大,边际毛利率就低(IM%)e=-1.5 IM%=2/3 e=-2 IM%=1/2,20,Pricing Movies电影票的定价,Tuesday Movies 星期二电影Price decreased from$60 to$30 价格从60港币降到30港币Number of tickets increased by 217%票房上升了217%Revenue for Tuesdays？星期二的营业额是否增加？What about ot

12、her weekdays and weekends?其它周日和周末的营业额?,21,摩尔(Moores)法则和计算机成本,技术进步固定成本增加边际成本减少(单位计算能力的成本),22,Relevant Marginal Costs for Pricing 相关的边际成本,consider only relevant costs and ignore all other costs 仅考虑相关的成本,不考虑其它的成本relevant costs may be hidden 相关成本往往被传统损益表忽略irrelevant costs may be shown in accounts 不相关成本则

13、可能出现在传统损益表,23,Wing On Group,1993永安集团,1993,24,Shanghai Petrochemical,1994上海石化，1994,Profit:1.78 billion yuan利润:17.8亿人民币The company received 4.5 million metric tons of crude at a government-controlled price of 689 yuan(as compared to free-market price of 1100 yuan),the opportunity cost of which is 1.85

14、 billion yuan.公司获得450万吨政府补贴的原油,机会成本为18.5亿人民币。,25,Opportunity Cost 机会成本,definition-net revenue from best alternative course of action 定义：所有被放弃的可能方案中能带来的最大净收益。,26,Debt to Equity 债转股,Investment by the Singaporean government in a petrochemical plant in the 1980s80年代新加坡政府对石化企业的贷款Stated-owned enterprises

15、in China中国国有企业,27,Economic Value Added经济附加价值,任何融资都有成本：借贷要付息,股权要回报EVA=revenue-all costs(including cost of equity capital)经济附加价值=收入-所有成本(包括资本金的成本),28,Apple Computer 苹果计算机,1988年夏:苹果用每芯片38美元共计几亿美元的代价购买 1Megabit 的DRAM晶片1989年元月:市场价格跌到23美元;为给Machitosh定价,1 Megabit的DRAM库存该是多少成本呢?,29,Sunk Cost沉没成本,定义：已经或承诺支出、

16、无法挽回的成本先前的承诺计划期的长短,30,A Common Excuse不敌外来竞争的共同借口：需承担大量退休员工的福利,Japanese car manufacturers vis-vis the U.S.auto makers美日汽车公司之间的竞争Stated-owned enterprises versus foreign-invested companies in China中国国企与外资企业之间的竞争,31,DaimlerChrysler:合并能节省多少?,2000十一月:第三季度报告亏损1999-2002,美国汽车工会协议 无论如何，必须支付合同工资的95%最初42星期,由州失业

17、基金会资助,32,广告支出,广告的益处提高需求advertising elasticity=%increase in demand from 1%increase in advertising 广告的弹性=每增加1%的广告支出所导致的需求增加的百分数,33,Advertising Elasticities广告弹性,34,利润最大化的广告支出,Profit-maximizing advertising/sales=incremental margin x advertising elasticity利润最大化的广告支出/销售量=边际毛利 X 广告弹性 incremental margin=(pr

18、ice-MC)边际毛利=价格-边际成本,35,Prozac 再普乐:广告支出,Competition from generics would普药带来的竞争会导致reduce incremental margin 边际毛利减少raise advertising elasticity 广告弹性增加,36,1999年2月,英特尔(Intel),英特尔发行奔腾III(Pentium-III)定价高，即边际毛利大与AMD的新K6-III芯片竞争，即广告弹性大 英特尔(Intel)加倍广告支出,达到3亿美元,37,Uniform Pricing:Shortcomings 单一订价策略的缺点,leaves

19、buyers with a lot of surplus 给购买者留下很多剩余does not sell to every potential buyer 并没有出售给每个潜在的购买者,38,Complete Price Discrimination完全价格歧视,price each unit at buyers benefit and sell quantity where MB=MC 每单位的价格订为购买者的边际利益；卖到边际利益等于边际成本maximum profit(利润最大化)different from MR=MC(与MR=MC不同)implementation:must know

20、 entire marginal benefit and marginal cost curves 实施:必须知道整个边际利益和边际成本的曲线,39,Hysterectomy in Hong Kong香港的子宫切除术,price ranging from HK$20,000 to HK$200,000 even for same operation and treatment 同样的手术，但价格却从港币2万元到20万元不等.charging patients according to their means as a HK“tradition”(Dr.Leong Che-hung,SCMP,A

21、pril 26,1999)根据病人的支付能力收费,是香港的“传统”,40,Direct Segment Discrimination直接板块歧视,Different incremental margin%to each identifiable segment 对每个不同的市场板块,设定不同的边际毛利率Within each segment IM%=-1/eImplementation:实施:Fixed,identifiable characteristic-basic for segmentation 必须具有固定的,可识别的特征No re-sale 防止转销,41,Preventing R

22、esale:“Not for Retail Sale”防止转销:“不得零售”,Heinz serves 亨氏institutional customers(food service,restaurants)directly 直接把产品销往机构客户retail customers indirectly through supermarkets and grocery stores 通过超级市场和杂货店间接服务零售客户,42,NYNEX Telephone Service NYNEX电话服务,New York City 纽约市residential-$16/month 民用每月16美元busine

23、ss-$23/month 商用每月23美元How is discrimination possible?歧视是如何实现的?,43,Discrimination by Location根据地理位置实行歧视,suitable for international business 适用于国际业务price differential parallel imports 价格差异并行进口managing the gray market 灰色市场的管理,44,Asian Wall Street Journal亚洲华尔街日报,45,Which Coca-Cola?哪个可口可乐?,Two kinds of Co

24、ca-cola sold in Japan.American Coke:$5.50(wholesale price in American),$11.50(wholesale price in Japan),and$18.30(retail price in Japan)Made in Japan:$20.00(wholesale price in Japan),$27.40(retail price in Japan)Lucrative Japanese market:5%volume,but at least 20%profit在日本有两种可口可乐美国可口可乐:5.5美元(美国批发价格),

25、11.5美元(日本的批发价格),18.3美元(日本的零售价)日本制造:20美元(日本批发价),27.4美元(日本零售价)可口可乐的日本市场占其总销量5%,但利润贡献却超过20%,46,Discriminating by Age根据年龄实行价格歧视,Discount prices for children and senior citizens,and regular prices for adults.Movies theatresTheme parksBus and subway service老人和小孩享有折扣价,成人正规价电影院主题公园交通服务,47,Indirect Segment D

26、iscrimination间接板块歧视,structure choice to earn different incremental margins from each segment 通过为不同市场板块设计不同的产品来实现价格歧视，赚取利润 Implementation 实施seller controls some variable to which segments are differentially sensitive 销售商控制一些变量,不同板块对其具有不同的敏感性buyers cannot circumvent the variable 购买者无法回避这些变量,48,Northwe

27、st AirlinesMinneapolis-New York西北航空公司,明尼宝利士至纽约,49,Chinese Embassy in Singapore中国驻新加坡大使馆,50,Pricing Policies:Ranking不同订价策略的比较,51,Bundling 捆绑,Strategy 策略pure bundling 纯粹捆绑mixed bundling 混合捆绑“if every segmentwas wild about one thing and hated the rest,they have done their job”(Economist)“如果每类顾客都对某一产品狂热

28、而讨厌其它产品,捆绑便会是最优订价策略”(经济学家),52,Pricing Cable Television Programs有线电视节目定价,53,Pricing Concert Series系列音乐会订价,54,Diplomacy of Price Competition价格竞争的外交术,Not winning pricing battles,but preventing those that are not worth fighting 不是赢得价格战,而是避免不必要的价格战evaluating managers not only by their ability to win sale

29、s and market share but also by their ability to achieve profitability over the long haul 评估经理们,不要光看他们赢得销售和市场份额的能力,还要看他们达到长期赢利的能力,55,Stop the War Before It Starts让价格战胎死腹中,Reveal your strategic intentions 披露你的策略意图price-matching policies 价格匹配政策Reveal your cost advantage 披露你的成本优势Standard Oil 标准石油公司Walma

30、rt 沃尔玛,56,Responding with Nonprice Actions 非价格竟争的回应,Focus on quality 专注于质量Ritz-Carlton in Malaysia 马来西亚的Ritz-Carlton Alert customers to risk of poor quality 提醒顾客劣质的风险Pharmaceutical business 制药业Seek help 寻求援助from governments,suppliers,customers,vendors,channel partners,independent sales representativ

31、es 从政府,供应商,顾客,技术提供商,分销伙伴,独立销售代表那里寻求援助,57,Using Selective Pricing Actions有选择的价格竞争,Modify only certain prices 只调低某些价格Northwest v.Sun Country Airlines 西北航空对Sun Country 航空Fight Brands 引进战斗性品牌3MPQingDao Beer 青岛啤酒,58,Consistent Discount Pricing与价格折扣相应的措施,Discount be tied to the elimination of the service

32、or feature that the customer claims not to value.取消客户认为没有价值的服务和功能The customer commits to accept a negotiated price if it is approved by the salespersons management.客户承诺接受谈判好的价格The customer commits to a long-term purchase agreement in return for gaining a discount.客户承诺长期的购买协议。,59,Aggressive Pricing进攻

33、性订价,Enjoy a substantial cost advantage(Wal-Mart,Standard Oil)享有巨大的成本优势Attack companies with large market shares(Sprint v.AT&T；Big v.Gillette)攻击拥有较大市场份额的公司,60,Generic Pricing Strategies普遍适用的定价策略,Skimming:setting price high relative to the economic value of most potential customers 撇脂策略:设定高价格，为少数优质客户服

34、务Penetration:setting price low relative to the economic value in order to gain from high market share or volume簿利多销策略:以低廉的价格来获取庞大的市场份额或销量Neutral 中性,61,Wine War-Production葡萄酒之战-生产,Australian,American,and Chilean winemakers work in steady,hot weathers that produce regular harvests and consistent wines

35、/free to plant/adding oak chips to wine that is fermenting in steel barrels 持续炎热的气候调节使得澳大利亚,美国及智利的葡萄酒生产商可以有稳定的葡萄收成,制造出的葡萄酒质量也有保障/可以自由种植/用铁桶发酵葡萄酒,但在里面加入橡木片.,Bordeaux and Burgundy producers must deal with unpredictable weather/strict limits on what types of grapes can be grown in a particular region a

36、nd how they are planted and picked/ageing the wine in oak barrels(法国)波尔多和勃艮第的生产商所面对的是多变的气候/对于哪些地区可以种植哪类葡萄,以及如何种植,如何挑选都有严格的限制/用橡木桶发酵葡萄酒,62,Wine War-Marketing葡萄酒之战-营销,French system of labeling by geographic origin/mystifying labels/Bordeaux alone boasts 20,000 different producers/cannot afford to have

37、 the global marketing/emphasize on upper-classes customers who shop in specialized wine shop 法国以产地作为葡萄酒的标识/这种标识不易辨认/仅波尔多地区就有2万多家不同的生产商/规模不足,无法打入全球市场/重点针对那些在专门的葡萄酒商店购买葡萄酒的高端客户Source:BusinessWeek,September 2001 资料来源:商业周刊,2001年9月,Label by type of grape/clear-cut labels(eight groupings in New York City)

38、/Three Australian companies dominate 80%of home market/can afford to have global marketing/focus on new drinkers who shop wines in supermarkets 新世界葡萄酒商以葡萄类别作为葡萄酒的标识/这种标识容易区分(纽约市将葡萄酒划分为8大类)/三家澳大利亚的公司占领其国内市场80%的份额/规模足以进军全球市场/针对那些对葡萄酒并不熟悉,在超市购买葡萄酒的客户,63,Beauty-Products Business美容产品,LOreal has dominated

39、 the$90 billion beauty-products industry by wooing women with Parisian chic 欧莱雅依仗其“巴黎魅力”获得众多女性的青睐,在总产值九百亿美元的美容产品行业中占领主导地位P&G,a leader in soap and diaper business,leapfrogged LOreal leading position in mass-market beauty products through the$50 billion takeover of Clairol in 2001 宝洁原来只是肥皂及尿布市场中的佼佼者,但

40、是当它于2001年以500亿美元收购依卡露公司之后,就超越了欧莱雅在美容产品市场上的地位,64,LOreal v.P&G欧莱雅与宝洁的较量,P&G:the women who speak for its beauty products are unknowns/use no-nonsense comparative advertising in cosmetics 宝洁:选用的广告模特都是些不知名的人/认为化妆品广告应实实在在,只需要让顾客了解该公司产品与其他公司产品不同之处即可LOreal:employ dozens of models and actresses/In cosmetics,

41、“you have to inform,convince but also seduce consumers and not just ram facts down their throats.”欧莱雅:花钱请来好多有名的模特和演员/认为在化妆品广告中,“你不仅要让顾客了解产品,你还要诱使她们购买产品单纯的讲述事实是不行的.”Just as P&G tried to penetrate the high-end beauty-product market dominated by LOreal,LOreal began to sell more shampoos 宝洁正试图进入由欧莱雅所控制的

42、高端美容产品市场,而同时欧莱雅也正尝试销售更多的洗发水Source:AWSJ,January 10-12,2003,A1 资料来源:AWSJ,2003年1月10日-12日,65,DKNY Deal May Not Fit LVMH收购DKNY对于LVMH来讲可能并非正确决策,LVMH,a collection of brand name products such as LV and Christian Dior,failed to acquire Giorgio Armani,and bought DKNY($643 million in 2001)instead.LVMH旗下原来都是那些非

43、常著名的世界级品牌,比如LV和Christian Dior,它也曾经想要收购Giorgio Armani,但是未能成功,于是它转而收购了DKNY(2001年,以6亿4千3百万美元成交)DKNY sold clothes in discounters(TJ Maxx,Marshalls,Mens Wearhouse)and some 200 department stores such as Dillards and Macys/focused on sales through low prices and high volumes DKNY的服饰在折扣店(如 TJ Maxx,Marshalls

44、,Mens wearhouse等)以及200多家百货公司(如 Dillards及Macys)销售/采用的是低价,高销量的策略,66,New Strategies新的策略,Control of retail channels/Curb special-order sales to discounters/sale through upscale chains such as Neiman Marcus and Saks Fifth Avenue 控制销售渠道/减少提供给折扣店的特别定单/通过Neiman Marcus和Saks Fifth Avenue这种高档次的渠道销售cut down pro

45、duction/discourage price discounts by retailers 减产/阻止零售商折价销售Made in Italy(low cost/the special cachet)选择在意大利生产(成本低/高品质的象征)Develop accessories for DKNY brand 设计开发DKNY品牌的配饰Source:AWSJ,March 26,2002,A1 资料来源:AWSJ,2002年3月26日,A1,67,Profit Goes Up in Smoke in the Top U.S.Tobacco Firms美国最大的烟草公司利润急剧下滑,50-yea

46、r consolidation led by Philip Morris and Reynolds/cozy oligopoly/regular and hefty price increases to fuel profit growth 美国烟草行业经过了近50年的合并浪潮,产生出两家最大的烟草公司,Philip Morris和Reynolds/寡头垄断/持续的大幅度提价来保证公司利润增长 Dramatic price increases since 1997/1998,because of huge settlement payments($246 billion settlements

47、 over 25 year),and increases in state cigarette tax(from$.42 in 2001 to$.62 in 2002)1997至1998年间开始出现大幅度的价格增长,主要因为烟草行业承诺支付巨额的庭外和解费用(未来的25年中共要支付两千四百六十亿美元),另外,州政府的香烟税也大幅上涨(从2001年的0.42美元一盒涨到2002年的0.62美元)loyal customers quit entirely(7%drop in 1999 as compared with 1-2%per year in the past)or switch from

48、brand name cigarettes to super-cheap cigarettes made by small manufacturers 原来的忠实客户有的干脆戒烟(1999年香烟销售量减少7%,而以前每年只减少1-2%),剩下的人当中,有一部分从抽高档烟转成抽那些小生产商生产的低价烟.,68,Counter-Strategies by the Big Four四大烟草公司的应对策略,Resort to marketing and advertising,reminding buyers why they should pay more for premium brands 通过

49、营销手段和广告提醒人们花多一些钱买高价烟Price discounts:profits per 1,000 cigarettes fell 57%and 70%,respectively,in Philip Morris and Reynolds,in the 4thQ 2002 compared with the year-earlier 价格折扣:与一年前相比,2002年第四季度,Philip Morris和Reynolds每销售1000支香烟的利润分别降低了57%和70%Launch their own low-end brands 推出它们自己的低端香烟品牌Ask U.S.Food and Drug Administration to regulate cigarettes 要求美国食品及药物管理局规范香烟市场Source:AWSJ,October 30,2002,page A1 资料来源:AWSJ,2002年10月30日,A1,