定价的策略和战术

TheStrategyandTacticsofPricing

定价的策略和战术3/6/20241TheCost-PlusDelusion

加成定价法的谬误Financialprudence 出于财务谨慎的考虑Howtodeterminemark-up?如何决定加成比例?Overpricinginweakmarketsandunder-pricinginstrongmarkets在疲软市场的过高定价和在强劲市场的过低定价3/6/20242ValueByCustomers

消费者认定的价值Affordablebutsufficientlysportycar

消费者需要既买得起又潇洒漂亮的跑车In1964,FordmetthechallengewithitsMustang,atabasepriceof$2,368.

1964年福特推出定价为2368美元的Mustang车来迎接这项挑战Netprofitsof$1.1Billion,in1964dollars,injustthefirsttwoyears在最初的两年间净利达11亿美元3/6/20243DevelopinganEffectivePricingStrategy

设定有效的订价策略customers’willingnesstopayforthegoodorservice消费者的购置意愿costofprovidingthegoodorservice生产本钱degreeofcompetition 竞争程度3/6/20244DemandCurve,I需求曲线02.5057.50101472demandcurve需求曲线Quantity(hamburgersaday)数量(汉堡包每天)Price($perhumburger)价格(美元每个汉堡包)3/6/20245DemandCurve,II

需求曲线themaximumpricetheconsumeriswillingtopay/marginalbenefit顾客愿意支付的最高价格/边际利益themorethelessdesirable/diminishingmarginalbenefit越多就越不热切/边际利益递减3/6/20246DemandandIncome

需求和收入Normal/inferiorproducts正常/劣等品Internationalandregionalbusiness国际和区域业务expectedincome期望收入IrrationalexuberanceinU.Sinthe1990s.美国90年代末：非理性旺盛DeflationinJapaninthepastdecade

日本最近十几年：通货紧缩3/6/20247FoeorFriend

是互替还是互补Pricesofrelatedproducts相关产品的价格Substitutes:chicken/beef,video/movie 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3/6/20248Howtosecurecomplements?

怎样得到互补品的支持?DanRyan&UAPacificPlace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HKDisneyland香港迪斯尼乐园3/6/20249DemandforDurableGoods

耐用品的需求Expectationaboutfuturepricesandincome对未来价格和收入的期望Financingcosts融资本钱Pricesofusedmodels二手货的价格futurevalueofnewgood代表新货物的未来价值substitutefornewgood新旧货物的替代关系3/6/202410Factorsinfluencingmarketdemand:影响市场需求的因素Incomelevelanddistribution收入上下和分布Populationanddemographics人口多少及构成Marketsaturation市场渗透率Networkexternality外部效用3/6/202411收入,本钱,和利润3/6/202412利润最大化的条件3/6/202413最优定价Operateatscalewheremarginalrevenue=marginalcost边际收入=边际本钱的规模Equivalently,settheincrementalmarginpercentageequaltotheinverseofabsolutevalueofpriceelasticityofdemand, 设边际毛利率等于需求价格弹性的倒数(price-MC)/price=-1/e3/6/202414自身价格弹性

Own-PriceElasticity定义:1%的价格增长所引起的需求的变化量自身价格弹性=3/6/202415PriceElasticity:Determinants

价格弹性:决定因素availabilityofdirectorindirectsubstitutes直接或间接替代品的多少Perceivedsubstituteseffect(Woolite)被认为的替代效应Uniquevalueeffect(Heinzketchup)独特的价值Difficultcomparisoneffect(brandnameproducts)不可比较效应(名牌产品)Price-qualityeffect(doctors,lawyers)价格—质量效应(医生,律师)Inventoryeffect(cannedtomatoes,diapers)库存效应(罐装西红柿,纸尿片)3/6/202416MoreonDeterminantsofPriceElasticity再谈价格弹性的决定因素cost/benefitofeconomizing寻找替代品的本钱及收益Expenditureeffect(engineoil)费用效应(引擎油)End-benefiteffect(BabyandMichelin)终端利益效应〔米其林和婴儿〕buyer’spriorcommitments买方是否有事前的投入separationofbuyerandpayee购置者和付款者的别离3/6/202417Advantage

竞争优势1981:AmericanAirlinespioneeredfrequentflyerprogram1981年:美国航空公司推出里程优惠方案buyercommitment购置者事前投入businessexecutivesflyattheexpenseofothers公差3/6/202418DemandElasticityUnderOptimalPricing最优定价下的需求弹性alwayssetpricesothatdemandiselastic总是设立价格,使需求具有弹性ifdemandmoreelastic,thenlowerincrementalmarginpercentage(IM%)如果需求弹性较大,边际毛利率就低(IM%)e=-1.5

IM%=2/3e=-2

IM%=1/23/6/202419PricingMovies

电影票的定价TuesdayMovies星期二电影Pricedecreasedfrom$60to$30价格从60港币降到30港币Numberofticketsincreasedby217%票房上升了217%RevenueforTuesdays？星期二的营业额是否增加？Whataboutotherweekdaysandweekends?其它周日和周末的营业额?3/6/202420摩尔(Moore’s)法那么和计算机本钱技术进步固定本钱增加边际本钱减少(单位计算能力的本钱)3/6/202421RelevantMarginalCostsforPricing相关的边际本钱consideronlyrelevantcostsandignoreallothercosts仅考虑相关的本钱,不考虑其它的本钱relevantcostsmaybehidden相关本钱往往被传统损益表忽略irrelevantcostsmaybeshowninaccounts不相关本钱那么可能出现在传统损益表3/6/202422WingOnGroup,1993

永安集团,1993Revenue收入HK$2,236millionExpenses

成本HK$2,210millionProfit

利润HK$26millionOpportunitycost机会成本HK$53million3/6/202423ShanghaiPetrochemical,1994

上海石化，1994Profit:1.78billionyuan 利润:17.8亿人民币Thecompanyreceived4.5millionmetrictonsofcrudeatagovernment-controlledpriceof689yuan(ascomparedtofree-marketpriceof1100yuan),theopportunitycostofwhichis1.85billionyuan. 公司获得450万吨政府补贴的原油,时机本钱为18.5亿人民币。3/6/202424OpportunityCost时机本钱definition--netrevenuefrombestalternativecourseofaction 定义：所有被放弃的可能方案中能带来的最大净收益。

3/6/202425DebttoEquity债转股InvestmentbytheSingaporeangovernmentinapetrochemicalplantinthe1980s 80年代新加坡政府对石化企业的贷款Stated-ownedenterprisesinChina 中国国有企业3/6/202426EconomicValueAdded

经济附加价值任何融资都有本钱：借贷要付息,股权要回报EVA=revenue-allcosts(includingcostofequitycapital)经济附加价值=收入-所有本钱(包括资本金的本钱)3/6/202427AppleComputer

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置1Megabit的DRAM晶片1989年元月:市场价格跌到23美元;为给Machitosh定价,1Megabit的DRAM库存该是多少本钱呢?3/6/202428SunkCost

漂浮本钱定义：已经或承诺支出、无法挽回的本钱先前的承诺方案期的长短3/6/202429ACommonExcuse

不敌外来竞争的共同借口：需承担大量退休员工的福利Japanesecarmanufacturersvis-à-vistheU.S.automakers 美日汽车公司之间的竞争Stated-ownedenterprisesversusforeign-investedcompaniesinChina 中国国企与外资企业之间的竞争3/6/202430DaimlerChrysler:

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,由州失业基金会资助3/6/202431广告支出广告的益处—提高需求advertisingelasticity=%increaseindemandfrom1%increaseinadvertising

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3/6/202432AdvertisingElasticities

广告弹性3/6/202433利润最大化的广告支出Profit-maximizingadvertising/sales=incrementalmarginxadvertisingelasticity利润最大化的广告支出/销售量=边际毛利X广告弹性incrementalmargin=(price-MC)边际毛利=价格-边际本钱3/6/202434Prozac再普乐:广告支出Competitionfromgenericswould普药带来的竞争会导致reduceincrementalmargin边际毛利减少raiseadvertisingelasticity广告弹性增加3/6/2024351999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,到达3亿美元3/6/202436UniformPricing:Shortcomings

单一订价策略的缺点leavesbuyerswithalotofsurplus给购置者留下很多剩余doesnotselltoeverypotentialbuyer并没有出售给每个潜在的购置者3/6/202437CompletePriceDiscrimination

完全价格歧视priceeachunitatbuyer’sbenefitandsellquantitywhereMB=MC每单位的价格订为购置者的边际利益；卖到边际利益等于边际本钱maximumprofit(利润最大化)differentfromMR=MC(与MR=MC不同)implementation:mustknowentiremarginalbenefitandmarginalcostcurves实施:必须知道整个边际利益和边际本钱的曲线3/6/202438HysterectomyinHongKong

香港的子宫切除术pricerangingfromHK$20,000toHK$200,000evenforsameoperationandtreatment同样的手术，但价格却从港币2万元到20万元不等.chargingpatientsaccordingtotheirmeansasaHK“tradition〞(Dr.LeongChe-hung,SCMP,April26,1999) 根据病人的支付能力收费,是香港的“传统〞3/6/202439DirectSegmentDiscrimination

直接板块歧视Differentincrementalmargin%toeachidentifiablesegment

对每个不同的市场板块,设定不同的边际毛利率WithineachsegmentIM%=-1/eImplementation:实施:Fixed,identifiablecharacteristicbasicforsegmentation必须具有固定的,可识别的特征Nore-sale

防止转销

3/6/202440PreventingResale:“NotforRetailSale〞

防止转销:“不得零售〞Heinzserves亨氏institutionalcustomers(foodservice,restaurants)directly直接把产品销往机构客户retailcustomersindirectlythroughsupermarketsandgrocerystores 通过超级市场和杂货店间接效劳零售客户3/6/202441NYNEXTelephoneService

NYNEX效劳NewYorkCity纽约市residential--$16/month民用—每月16美元business--$23/month

商用—每月23美元Howisdiscriminationpossible?歧视是如何实现的?3/6/202442DiscriminationbyLocation

根据地理位置实行歧视suitableforinternationalbusiness

适用于国际业务pricedifferential

parallelimports

价格差异并行进口managingthegraymarket

灰色市场的管理3/6/202443AsianWallStreetJournal

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:HongKong香港3/6/202444WhichCoca-Cola?

哪个可口可乐?TwokindsofCoca-colasoldinJapan.AmericanCoke:$5.50(wholesalepriceinAmerican),$11.50(wholesalepriceinJapan),and$18.30(retailpriceinJapan)MadeinJapan:$20.00(wholesalepriceinJapan),$27.40(retailpriceinJapan)LucrativeJapanesemarket:5%volume,butatleast20%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%,但利润奉献却超过20%3/6/202445DiscriminatingbyAge

根据年龄实行价格歧视Discountpricesforchildrenandseniorcitizens,andregularpricesforadults.MoviestheatresThemeparksBusandsubwayservice老人和小孩享有折扣价,成人正规价电影院主题公园交通效劳3/6/202446IndirectSegmentDiscrimination

间接板块歧视structurechoicetoearndifferentincrementalmarginsfromeachsegment 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sellercontrolssomevariabletowhichsegmentsaredifferentiallysensitive销售商控制一些变量,不同板块对其具有不同的敏感性buyerscannotcircumventthevariable购置者无法回避这些变量3/6/202447NorthwestAirlines

Minneapolis-NewYork

西北航空公司,明尼宝利士至纽约Businessclass商务仓

$1711

Unrestrictedeconomy更改无限制的经济仓

$1267

Advancepurchase,withpenalties预购且更改需付罚金的经济仓$765

Advancepurchase,forsenior预购、专为长者的经济仓

$692

3/6/202448ChineseEmbassyinSingapore

中国驻新加坡大使馆Applicationperiod申请期1天3天7天Singleentry单程$75$60$25Doubleentry双程$85$70$353/6/202449PricingPolicies:Ranking

不同订价策略的比较Profitability赢利性Policy政策InformationRequirement信息要求Highest最高Completepricediscrimination完全价格歧视Highest最高Directsegmentdiscrimination直接板块歧视Indirectsegmentdiscrimination间接板块歧视Lowest最低Uniformpricing单一订价策略Lowest最低3/6/202450Bundling

捆绑Strategy策略purebundling纯粹捆绑mixedbundling混合捆绑“ifeverysegment…waswildaboutonethingandhatedtherest,theyhavedonetheirjob〞(Economist)“如果每类顾客…都对某一产品狂热而讨厌其它产品,捆绑便会是最优订价策略〞(经济学家)3/6/202451PricingCableTelevisionPrograms

有线电视节目定价Segment板块Educationchannel教育频道

Musicchannel音乐频道

Conservative$20$2MiddleofRoad$11$113/6/202452PricingConcertSeries

系列音乐会订价3/6/202453DiplomacyofPriceCompetition

价格竞争的外交术Notwinningpricingbattles,butpreventingthosethatarenotworthfighting不是赢得价格战,而是防止不必要的价格战evaluatingmanagersnotonlybytheirabilitytowinsalesandmarketsharebutalsobytheirabilitytoachieveprofitabilityoverthelonghaul评估经理们,不要光看他们赢得销售和市场份额的能力,还要看他们到达长期赢利的能力3/6/202454StoptheWarBeforeItStarts

让价格战胎死腹中Revealyourstrategicintentions披露你的策略意图price-matchingpolicies价格匹配政策Revealyourcostadvantage披露你的本钱优势StandardOil标准石油公司Walmart沃尔玛3/6/202455RespondingwithNonpriceActions

非价格竟争的回应Focusonquality专注于质量Ritz-CarltoninMalaysia马来西亚的Ritz-CarltonAlertcustomerstoriskofpoorquality提醒顾客劣质的风险Pharmaceuticalbusiness制药业Seekhelp寻求援助fromgovernments,suppliers,customers,vendors,channelpartners,independentsalesrepresentatives从政府,供给商,顾客,技术提供商,分销伙伴,独立销售代表那里寻求援助3/6/202456UsingSelectivePricingActions

有选择的价格竞争Modifyonlycertainprices只调低某些价格Northwestv.SunCountryAirlines西北航空对SunCountry航空FightBrands引进战斗性品牌3MPricelineQingDaoBeer青岛啤酒3/6/202457ConsistentDiscountPricing

与价格折扣相应的措施Discountbetiedtotheeliminationoftheserviceorfeaturethatthecustomerclaimsnottovalue. 取消客户认为没有价值的效劳和功能Thecustomercommitstoacceptanegotiatedpriceifitisapprovedbythesalesperson’smanagement. 客户承诺接受谈判好的价格Thecustomercommitstoalong-termpurchaseagreementinreturnforgainingadiscount.客户承诺长期的购置协议。3/6/202458AggressivePricing

进攻性订价Enjoyasubstantialcostadvantage(Wal-Mart,StandardOil)享有巨大的本钱优势Attackcompanieswithlargemarketshares(Sprintv.AT&T；Bigv.Gillette)攻击拥有较大市场份额的公司3/6/202459GenericPricingStrategies

普遍适用的定价策略Skimming:settingpricehighrelativetotheeconomicvalueofmostpotentialcustomers撇脂策略:设定高价格，为少数优质客户效劳Penetration:settingpricelowrelativetotheeconomicvalueinordertogainfromhighmarketshareorvolume 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3/6/202460WineWarProduction

葡萄酒之战生产Australian,American,andChileanwinemakersworkinsteady,hotweathersthatproduceregularharvestsandconsistentwines/freetoplant/addingoakchipstowinethatisfermentinginsteelbarrels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,但在里面参加橡木片.BordeauxandBurgundyproducersmustdealwithunpredictableweather/strictlimitsonwhattypesofgrapescanbegrowninaparticularregionandhowtheyareplantedandpicked/ageingthewineinoakbarrels(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3/6/202461WineWarMarketing

葡萄酒之战营销Frenchsystemoflabelingbygeographicorigin/mystifyinglabels/Bordeauxaloneboasts20,000differentproducers/cannotaffordtohavetheglobalmarketing/emphasizeonupper-classescustomerswhoshopinspecializedwineshop法国以产地作为葡萄酒的标识/这种标识不易识别/仅波尔多地区就有2万多家不同的生产商/规模缺乏,无法打入全球市场/重点针对那些在专门的葡萄酒商店购置葡萄酒的高端客户Source:BusinessWeek,September2001资料来源:商业周刊,2001年9月Labelbytypeofgrape/clear-cutlabels(eightgroupingsinNewYorkCity)/ThreeAustraliancompaniesdominate80%ofhomemarket/canaffordtohaveglobalmarketing/focusonnewdrinkerswhoshopwinesinsupermarkets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,在超市购置葡萄酒的客户3/6/202462Beauty-ProductsBusiness

美容产品L’Orealhasdominatedthe$90billionbeauty-productsindustrybywooingwomenwithParisianchic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,aleaderinsoapanddiaperbusiness,leapfroggedL’Orealleadingpositioninmass-marketbeautyproductsthroughthe$50billiontakeoverofClairolin2001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,就超越了欧莱雅在美容产品市场上的地位

3/6/202463L’Orealv.P&G

欧莱雅与宝洁的较量P&G:thewomenwhospeakforitsbeautyproductsareunknowns/useno-nonsensecomparativeadvertisingincosmetics宝洁:选用的广告模特都是些不知名的人/认为化装品广告应实实在在,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L’Oreal:employdozensofmodelsandactresses/Incosmetics,“youhavetoinform,convincebutalsoseduceconsumers…andnotjustramfactsdowntheirthroats.〞欧莱雅:花钱请来好多有名的模特和演员/认为在化装品广告中,“你不仅要让顾客了解产品,你还要诱使她们购置产品…单纯的讲述事实是不行的.〞JustasP&Gtriedtopenetratethehigh-endbeauty-productmarketdominatedbyL’Oreal,L’Orealbegantosellmoreshampoos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Source:AWSJ,January10-12,2003,A1资料来源:AWSJ,2003年1月10日-12日3/6/202464DKNYDealMayNotFitLVMH

收购DKNY对于LVMH来讲可能并非正确决策LVMH,acollectionofbrandnameproductssuchasLVandChristianDior,failedtoacquireGiorgioArmani,andboughtDKNY($643millionin2001)instead.LVMH旗下原来都是那些非常著名的世界级品牌,比方LV和ChristianDior,它也曾经想要收购GiorgioArmani,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)DKNYsoldclothesindiscounters(TJMaxx,Marshalls,Men’sWearhouse)andsome200departmentstoressuchasDillard’sandMacy’s/focusedonsalesthroughlowpricesandhighvolumesDKNY的服饰在折扣店(如TJMaxx,Marshalls,Men’swearhouse等)以及200多家百货公司(如Dillard’s及Macy’s)销售/采用的是低价,高销量的策略3/6/202465NewStrategies

新的策略Controlofretailchannels/Curbspecial-ordersalestodiscounters/salethroughupscalechainssuchasNeimanMarcusandSaksFifthAvenue控制销售渠道/减少提供给折扣店的特别定单/通过NeimanMarcus和SaksFifthAvenue这种高档次的渠道销售cutdownproductio