{"id":3214,"date":"2021-06-21T09:00:40","date_gmt":"2021-06-21T07:00:40","guid":{"rendered":"https:\/\/www.sortlist.co.uk\/blog\/?p=3214"},"modified":"2024-02-14T16:29:43","modified_gmt":"2024-02-14T15:29:43","slug":"market-based-pricing","status":"publish","type":"post","link":"https:\/\/www.sortlist.co.uk\/blog\/market-based-pricing\/","title":{"rendered":"Simple Guide to Market Based Pricing"},"content":{"rendered":"\n<p>When you own a business, <span style=\"color: #005d6f;\"><strong>setting the prices for your items<\/strong> <\/span>and services is often one of the most challenging tasks. If you set the prices too high, your sales could decline. If you set them low, then you may miss out on sizeable revenue. The skill is in knowing <em>how to get the market based pricing right.<\/em><\/p>\n\n\n\n<p>In this article, we\u2019re going to discuss the <strong>market based pricing<\/strong> strategy to arrive at an optimum price for your product.<\/p>\n\n\n     \n    <div id=\"module_key_takeaways--block_b9ad152f8b270dbddff4941b5563b431\" class=\"sl_custom_module module_key_takeaways is_preview\">\n        <div class=\"module_key_takeaways__wrapper\">\n            \n\n<h3 class=\"wp-block-heading\">Key Takeaways<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Understanding Market-Based Pricing:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Pricing is based on market demand and supply dynamics.<\/li>\n\n\n\n<li>Reflects current market prices for similar products.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Factors Influencing Pricing:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Considerations include product demand, life cycle, and competitor pricing.<\/li>\n\n\n\n<li>Target market, demand trends, and resources also impact pricing decisions.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Types of Market-Based Pricing:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Strategies like price skimming, penetration pricing, and premium pricing.<\/li>\n\n\n\n<li>Also includes promotional pricing, loss leader pricing, and psychological pricing.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Pros and Cons:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Offers flexibility and responsiveness to market changes.<\/li>\n\n\n\n<li>Requires careful consideration of various factors to avoid pitfalls and maximise profitability.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n        <\/div>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is Market Based Pricing?<\/strong><\/h2>\n\n\n\n<p>To answer the question &#8220;<strong>what is market based pricing<\/strong>&#8221; simply, it is the setting of the price of a product based on the marked demand and supply.<\/p>\n\n\n\n<p>In a <strong>market based pricing strategy<\/strong>, the price of the product is based on the current market price for similar products in the market.<\/p>\n\n\n\n<p>It could also allow the business to set the price higher than other similar products while it\u2019s new in the market, and gradually align at a later point to remain in the competition. It\u2019s also called<strong> market oriented pricing<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Product Demand<\/strong><\/h3>\n\n\n\n<p>You can also gauge the market demand. For instance, if the <span style=\"text-decoration: underline;\">demand is high<\/span>, you can <span style=\"text-decoration: underline;\">increase the price<\/span>. When the <span style=\"text-decoration: underline;\">demand is low<\/span>, you can <span style=\"text-decoration: underline;\">offer discounts or incentives<\/span> to encourage customers into buying the item.<\/p>\n\n\n\n<p>This is a common case in electronics. Also, when a product is rare, people are willing to pay higher prices; but when many people have it, the charm of buying it is gone and that\u2019s when you can consider reducing the price.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Life Cycle<\/strong><\/h3>\n\n\n\n<p>The <strong><a href=\"https:\/\/www.sortlist.co.uk\/blog\/lifecycle-marketing\/\">life cycle market <\/a><\/strong>based pricing strategy can also be determined by the product life cycle. When the product is introduced, it can have the price set according to the competitors\u2019 products. But later on, the price needs to be readjusted as new competitors emerge, and also according to the demand.<\/p>\n\n\n\n<p>You must always <span style=\"color: #005d6f;\"><strong>re-evaluate and analyze the pricing regularly<\/strong><\/span>, to keep a suitable price for your product.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Calculation<\/strong><\/h3>\n\n\n\n<p>To calculate the market based price, you must:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>add the cost of your product to the market factor price, and also add a premium if you think it\u2019s the right idea<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Types of Market Based Pricing<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2207\" height=\"850\" src=\"https:\/\/www.sortlist.co.uk\/blog\/wp-content\/uploads\/sites\/2\/2021\/06\/above-market-pricing.jpg\" alt=\"market pricing\" class=\"wp-image-3217\" srcset=\"https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing.jpg 2207w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-768x296.jpg 768w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1536x592.jpg 1536w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-2048x789.jpg 2048w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-50x19.jpg 50w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-288x111.jpg 288w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-576x222.jpg 576w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-339x131.jpg 339w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-678x261.jpg 678w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-373x144.jpg 373w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-746x287.jpg 746w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-691x266.jpg 691w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1382x532.jpg 1382w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-973x375.jpg 973w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1946x749.jpg 1946w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1048x404.jpg 1048w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-478x184.jpg 478w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-956x368.jpg 956w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-516x199.jpg 516w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1032x397.jpg 1032w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-680x262.jpg 680w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1360x524.jpg 1360w\" sizes=\"auto, (max-width: 2207px) 100vw, 2207px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Market Based Pricing Methods<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Price Skimming<\/strong><\/h3>\n\n\n\n<p>In the pricing skimming <strong>market based pricing<\/strong> strategy, a company <span style=\"text-decoration: underline;\">sets the price higher at the launch of the product<\/span>. Gradually, when the sales increase, it <span style=\"color: #005d6f;\"><strong>brings down the price<\/strong><\/span>.<\/p>\n\n\n\n<p>This is not a very common approach. This <strong>market based pricing<\/strong> strategy is more suitable for <span style=\"color: #005d6f;\"><strong>innovative products<\/strong><\/span> that are new to the masses. For example, at the beginning of computers and cellphones, various manufacturers adopted this method.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Penetration Pricing<\/strong><\/h3>\n\n\n\n<p>It is the opposite of the above method. In <strong>penetration pricing<\/strong>, the company will first <span style=\"text-decoration: underline;\">set a lower price for its item as compared to the competitors<\/span>. When the sales increase <a href=\"https:\/\/www.sortlist.co.uk\/blog\/marketing-strategy-competitive-positioning\/\">and its market position<\/a> becomes strong, it\u2019ll <span style=\"color: #005d6f;\"><strong>increase the price<\/strong><\/span>. This method is more suitable for companies that are looking to build a <a href=\"https:\/\/www.sortlist.co.uk\/blog\/direct-marketing-solutions\/\">customer base and market<\/a> share.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Discriminatory Pricing<\/strong><\/h3>\n\n\n\n<p>In this marked based pricing stategy, the company <span style=\"text-decoration: underline;\">sets varied prices for different customers<\/span>. Customers who have a higher reservation price will pay a higher amount.<\/p>\n\n\n\n<p>Businesses that are <span style=\"color: #005d6f;\"><strong>seeking to make the most profits<\/strong><\/span> use this method. However, this is not a common practice as it can lead to reselling by customers at higher prices, and it\u2019s also not good for the brand image.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Premium Pricing<\/strong><\/h3>\n\n\n\n<p>Under this pricing strategy, a business can <span style=\"text-decoration: underline;\">charge a higher price for superior quality products,<\/span> and also, due to its brand image.<\/p>\n\n\n\n<p>For example, Apple products are highly priced in comparison to their counterparts. To <a href=\"https:\/\/www.sortlist.co.uk\/branding\/united-kingdom-gb\">maintain their image<\/a>, companies target quality-conscious or class-conscious customers. Those customers are into premium brands and also willing to adjust to price changes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Promotional Pricing<\/strong><\/h3>\n\n\n\n<p>A <strong>promotional pricing<\/strong> strategy ascertains a <span style=\"text-decoration: underline;\">discounted price for the short-term<\/span> to stimulate the demand for the product. There are various other ways to promote a product, such as price discounts, coupons, freebies, loyalty cards, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Loss Leader Pricing<\/strong><\/h3>\n\n\n\n<p>Under this pricing method, the firms usually <span style=\"text-decoration: underline;\">set a lower price, below the average market cost<\/span>. It\u2019s more common among retailers. Its objective is to <span style=\"color: #005d6f;\"><strong>attract more customers to the store<\/strong><\/span>. To compensate for the losses made due to discounting, the retailers will entice the customers to buy expensive products from their store.<\/p>\n\n\n\n<p>Another strategy is <strong>predatory pricing<\/strong>. In this method, the retailer is willing to <span style=\"color: #005d6f;\"><strong>incur more losses just to drive the competitors out of business<\/strong><\/span>. They can then enjoy a monopoly that will enable them to increase the prices later.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Psychological Pricing<\/strong><\/h3>\n\n\n\n<p>Under this strategy, the firm sets <span style=\"text-decoration: underline;\">prices impacting the customer psychology<\/span>. For example, a company may sell its item at $2.99, which would be just a cent cheaper than other similar items of $3.00.<\/p>\n\n\n\n<p>This may lead some customers into thinking that the former is cheaper than the latter. This method usually targets customers who aren\u2019t that rational.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Factors Affecting Market Based Pricing<\/strong><\/h2>\n\n\n\n<p>In this pricing model, the business takes into account various factors while determining the <strong>market based pricing<\/strong> value. This also includes the customer needs and their price sensitivity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Target Market<\/strong><\/h3>\n\n\n\n<p>Whether the target market is a mass-market or a differentiated one, it would require a <span style=\"color: #005d6f;\"><strong>different approach<\/strong><\/span>. Likewise, if the firm is targeting a niche market, the approach would change. The target market can be new or existing depending on the kind of product.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Demand Trends<\/strong><\/h3>\n\n\n\n<p>The firm can <span style=\"color: #005d6f;\"><strong>adjust the price according to the demand<\/strong><\/span>. For example, if the demand is high, it can charge a high price; if it\u2019s low, it can fix a lower price to attract more customers. Alternatively, during low demand, a company can offer discounts and promotional offers instead of adjusting the price.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Competitors\u2019 Price<\/strong><\/h3>\n\n\n\n<p>A firm can <span style=\"color: #005d6f;\"><strong>lower its price a bit if a competitor does the same<\/strong><\/span>. However, when all the players keep competing to lower the prices, it can lead to price wars.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Resources<\/strong><\/h3>\n\n\n\n<p>Just <span style=\"color: #005d6f;\"><strong>fixing the price according to the competitor pricing strategy is not a good idea<\/strong><\/span>. The other company may have a strong market hold and have more resources to adjust its pricing. Therefore, blindly adjusting the prices based on competitor\u2019s when you don\u2019t have as many resources as them, can lead to losses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Lifecycle of the Product<\/strong><\/h3>\n\n\n\n<p>When a company introduces an item in the market, it sets a lower price. But as it attains a customer base and has a stronger market position, it can raise the prices a bit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Price Elasticity of Demand<\/strong><\/h3>\n\n\n\n<p>The company must also take into account <span style=\"color: #005d6f;\"><strong>how price-sensitive the customers are<\/strong><\/span>. When the demand is elastic, a 2% decrease in price can lead to a more than 2% increase in demand. When it\u2019s an inelastic demand, a 2% price reduction can cause less than a 2% rise in demand.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pros and Cons<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2245\" height=\"1587\" src=\"https:\/\/www.sortlist.co.uk\/blog\/wp-content\/uploads\/sites\/2\/2021\/06\/above-market-pricing-1.png\" alt=\"\" class=\"wp-image-3219\" srcset=\"https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1.png 2245w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-768x543.png 768w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-1536x1086.png 1536w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-2048x1448.png 2048w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-50x35.png 50w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-288x204.png 288w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-576x407.png 576w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-339x240.png 339w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-678x479.png 678w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-373x264.png 373w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-746x527.png 746w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-691x488.png 691w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-1382x977.png 1382w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-973x688.png 973w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-1946x1376.png 1946w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-1048x741.png 1048w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-478x338.png 478w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-956x676.png 956w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-516x365.png 516w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-1032x730.png 1032w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-680x481.png 680w, https:\/\/cdn.blog.production.sortlist.cloud\/wp-content\/uploads\/sites\/7\/2021\/06\/above-market-pricing-1-1360x961.png 1360w\" sizes=\"auto, (max-width: 2245px) 100vw, 2245px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p><strong>Market based pricing<\/strong> is a commonly used approach to determine the prices of the products. It can lead to good results if all the factors are considered diligently.<\/p>\n\n\n\n<p>But a company must also take into account internal factors such as its resources, capabilities, vision, and ethical standards. Using this method, it must set the optimum price without draining its own resources, only then it will be effective in the long run.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you own a business, setting the prices for your items and services is often one of the most challenging tasks. If you set the prices too high, your sales could decline. If you set them low, then you may miss out on sizeable revenue. The skill is in knowing how to get the market [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":11731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_sb_show_comment_boards":false,"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[220,45],"class_list":["post-3214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-sales"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Based Pricing - A Useful and Easy Guide to Pricing Strategy<\/title>\n<meta name=\"description\" content=\"Find all you need to know about market based pricing in this simple and educational guide. 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