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1、The Strategy and Tactics of Pricing定价的策略和战术定价的策略和战术管理经济学1陶志刚The Cost-Plus Delusion加成定价法的谬误Financial prudence谨慎财务How to determine mark-up? 如何决定加成比例?管理经济学2陶志刚Value-Based Pricing根据消费者购买意愿定价In 1964, Ford introduced Mustang, at a base price of $2,368, and made a net profit of $1.1 billion in just the fir
2、st two years 1964年福特推出定价为2368美元的Mustang车来满足消费者的需求,在最初的两年间净利达11亿美元伦敦伦敦“疯人疯人”饭店饭店可口可乐的新型贩卖机可口可乐的新型贩卖机 Coca-Colas New Vending Machine管理经济学3陶志刚Key Factors For an Effective Pricing Strategy有效订价策略的决定因素customers willingness to pay for the good or service 消费者的购买意愿cost of providing the good or service 生产成本de
3、gree of competition 竞争程度管理经济学4陶志刚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
4、价格来获取庞大的市场份额或销量管理经济学5陶志刚Determinants of Demand什么因素决定消费者购买意愿Preference 消费者偏好 - the more the better, but the more the less desirable 越多越好,但越多越不热切Income 收入Prices of other goods 相关产品(替代品,互补品)的价格Advertising 广告 管理经济学6陶志刚Foe or Friend是互替还是互补还是互补Traditional Bookstores V. Online Bookstores 传统书店对网上书店Tradition
5、al camera V. Digital Camera 传统相机对数码相机Traditional newspapers V. “Newer” Newspapers 传统媒体对新媒体管理经济学7陶志刚How to secure complements?怎样才能得到互补品的支持?Agreements with firms producing complementary goods 激励其他公司提供互补品Self provision through acquisition of firms producing complementary goods 通过收购相关公司,自己提供互补品Governmen
6、t provision 寻求政府帮助管理经济学8陶志刚Special Determinants For Demand Of Durable Goods耐用品需求的特定因素Expectation about future prices and income 对未来价格和收入的期望Financing costs 融资成本管理经济学9陶志刚Factors influencing market demand: 影响市场需求的因素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
7、 saturation 市场渗透率Network externality 外部效用管理经济学10陶志刚Price Elasticity of Demand需求价格弹性 定义: 1% 的价格增长所引起的需求的变化量 需求价格弹性 =需求量的变化 价格的变化 Demand elasticity captures both customers willingness to pay and also the degree of competition 消费者购买意愿及市场竞争程度都反映在需求弹性上管理经济学11陶志刚Price Elasticity: Determinants价格弹性: 决定因素ava
8、ilability of direct or indirect substitutes 直接或间接替代品的多少Difficult comparison effect 不可比较效应Perceived substitutes effect 被认为的替代效应Price-quality effect 价格质量效应Inventory effect 库存效应管理经济学12陶志刚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Engine oil 引擎油Michelin
9、Type 米其林轮胎buyers prior commitments 买方是否有事前的投入separation of buyer and payee 购买者和付款者的分离管理经济学13陶志刚Optimal Pricing: Demand Elasticity 最优定价要素之一:需求弹性Demand elasticity captures both customers willingness to pay and also the degree of competition 消费者购买意愿及市场竞争程度都反映在需求弹性上Always set price so that demand is ela
10、stic 总是设立价格, 使需求具有弹性If demand more elastic, then lower incremental margin percentage and lower the price relative to marginal cost 如果需求弹性较大,边际毛利率就低,价格相对于边际成本就低管理经济学14陶志刚Optimal Pricing: Marginal Costs 最优定价要素之二:边际成本Fixed costs V. Marginal costs 固定成本对边际成本Why only marginal costs matter? 为什么边际成本(运营成本)那么
11、重要? - Telecoms 电讯行业 - Air travel 航空运输业管理经济学15陶志刚Relevant Marginal Costs 相关的边际成本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 不相关成本则可能出现在传统损益表管理经济学16陶志刚Wing On Group, 1993永安集团, 1993Revenue 收入HK$2,236 millionExpenses 成本HK$2,210 millionProfit 利润HK$ 26 millionOppor
12、tunity cost 机会成本HK$ 53 million管理经济学17陶志刚Shanghai Petrochemical, 1994上海石化，1994Profit: 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
13、billion yuan.公司获得450万吨政府补贴的原油, 机会成本机会成本为18.5亿人民币。管理经济学18陶志刚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。 管理经济学19陶志刚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-o
14、wned enterprises in China中国国有企业管理经济学20陶志刚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)管理经济学21陶志刚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
15、存该是多少成本呢?管理经济学22陶志刚Sunk Cost沉没成本定义：已经或承诺支出、无法挽回的成本管理经济学23陶志刚A Common Excuse不敌外来竞争的共同借口：需承担大批退休员工的福利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管理经济学24陶志刚Uniform Pricing: Shortcomings 单一订价策略的缺点leave
16、s 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管理经济学25陶志刚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最高支付意愿；卖到价格等于边际成本maximum profit (利润最大化)implementation: must know entire marginal be
17、nefit curves 实施: 必须知道每个消费者的支付意愿情况管理经济学26陶志刚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, April 26, 1999) 根据病人的支付能力收费,
18、 是香港的“传统”管理经济学27陶志刚Direct Segment Discrimination直接板块歧视Different incremental margin % to each identifiable segment 对每个不同的顾客群 ,设定不同的价格Implementation: 实施:Fixed, identifiable characteristic - basic for segmentation 必须具有固定的, 可识别的顾客特征No re-sale 防止顾客之间转销 管理经济学28陶志刚Preventing Resale:“Not for Retail Sale” 防止
19、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 通过超市和杂货店间接服务零售客户管理经济学29陶志刚Singapore Telecom Service新加坡电讯公司服务定价Fixed-line telephone service固线服务 - Residential -SGD 26.25/quarter 民用 每季度2
20、6.25新币 - Business -SGD 39.38/quarter 商用 每季度39.38新币What makes different prices possible? 如何实现价格歧视？Can mobile telephone providers follow? 移动电话公司能否仿效直接价格歧视策略？管理经济学30陶志刚Asian Wall Street Journal亚洲华尔街日报 年度订阅的价格$59世界范围$871Print: Tokyo东京$173Print: Singapore新加坡$294Print: Hong Kong香港管理经济学31陶志刚Which Coca-Cola
21、?哪个可口可乐?Two kinds of Coca-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%
22、 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), 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%管理经济学32陶志刚Indirect Segment Discrimination间接板块歧视structure choice to earn different incremental margins from each segment 通过为不同顾客群设计不同的产品来实现价格歧视，赚取利润 Implementation 实施-s
23、eller controls some variable to which segments are differentially sensitive 销售商控制一些产品或服务性能, 不同顾客群对其具有不同的敏感性管理经济学33陶志刚Indirect Segment Discrimination in the Travel Industry旅行业间接板块歧视Pricing of air tickets飞机票定价Visa fees 签证收费Car-rental plans 租车计划Pricing of hotel service 酒店服务定价管理经济学34陶志刚Whats the differe
24、nce? VW Passat Audi A-6管理经济学35陶志刚Indirect segment discrimination:Cannibalization间接价格歧视的陷阱：自家产品相互竞争Sales of one product reduce the demand for another with a higher incremental margin. “低端”产品质量过高会造成自家产品相互竞争Possible solutions: degrade low-end item upgrade high-end item解决方法： 把高端产品做得更高而把低端产品做得更低管理经济学36陶志
25、刚Singapore: Public hospitals新加坡公立医院Income level (per month)ClassAB1B2C $4003%14%48%35%$11009%26%45%20%$390034%28%28%10%Some high-income people choose subsidized wards.富人住三等病房，富人住三等病房， 穷人住一等病房穷人住一等病房管理经济学37陶志刚Pricing Policies: Ranking不同订价策略的比较Profitability赢利性 Policy政策 Information Requirement信息要求 High
26、est最高 Complete price discrimination完全价格歧视 Highest最高 Direct segment discrimination直接板块歧视 Indirect segment discrimination间接板块歧视 Lowest最低Uniform pricing单一订价策略Lowest最低管理经济学38陶志刚Specific pricing policies具体定价策略Package deal 套餐Two-part pricing 入场费外加使用费Bundling 捆绑管理经济学39陶志刚Pricing Concert Series系列音乐会订价管理经济学4
27、0陶志刚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 sales 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
28、销售和市场份额的能力, 更要看他们达到长期赢利的能力管理经济学41陶志刚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Walmart 沃尔玛管理经济学42陶志刚Responding with Nonprice Actions 非价格竞争的回应Focus on quality 专注于质量Alert customers to
29、 risk of poor quality 提醒顾客劣质的风险Seek help 寻求援助from governments, suppliers, customers 来自政府, 供应商, 顾客管理经济学43陶志刚Using Selective Pricing Actions有选择的价格竞争Modify only certain prices 只调低某些价格Fight Brands 引进战斗性品牌管理经济学44陶志刚Consistent Discount Pricing与价格折扣相应的措施The customer commits to accept a negotiated price if
30、it is approved by the salespersons management.客户承诺接受谈判好的价格Discount be tied to the elimination of the service 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 a long-term purchase agreement in return for gaining a discount. 客户承诺长期的购买协议。管理经济学45陶志刚Aggressive Pric
31、ing进攻性订价Enjoy a substantial cost advantage (Wal-Mart, Standard Oil ) 享有巨大的成本优势How to attack? 如何进行价格战?管理经济学46陶志刚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，为少数优质客户服务Penetration: setting price low relative to th
32、e 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管理经济学47陶志刚Beauty-Products Business美容产品LOreal has dominated 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
33、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, 就超越了欧莱雅在大众美容产品市场上的地位 管理经济学48陶志刚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/us
34、e 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, “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
35、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管理经济学49陶志刚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-year consolida
36、tion 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年的整合,产生出两家最大的烟草公司, 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 over 25 year), and increases
37、 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,另外,州政府的香烟税也大幅上涨loyal customers quit entirely (7% drop in 1999 as compared with 1-2% per year in the past) or switch from brand name cigarettes to super-cheap cigarettes made by small manufacturers 原来的忠实客户有的干脆戒烟,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.管理经济学50陶志刚
