{"id":32086,"date":"2022-03-01T09:00:00","date_gmt":"2022-03-01T09:00:00","guid":{"rendered":"http:\/\/www.smartinsights.com\/?p=32086"},"modified":"2022-03-03T08:20:37","modified_gmt":"2022-03-03T08:20:37","slug":"pricing-quality-model","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/marketing-planning\/marketing-models\/pricing-quality-model\/","title":{"rendered":"The Pricing &#8211; Quality Model"},"content":{"rendered":"<h2>Using Kotler's Pricing model to review positioning<\/h2>\n<p>Also referred to as the nine quality-pricing strategy, since it is a matrix covering nine options, the aim of Kotler's Pricing model is to help companies position their products or services relative to competitors as perceived by the market, and consider their pricing strategy accordingly.<\/p>\n<blockquote><p><em>You can use the Price - Quality Strategy Model to review competitors\u2019 products and services and review their strategies. Why do they charge more? Why do they charge less? Sometimes if aspects of a service are removed, this can contribute to lower prices.<\/em><\/p><\/blockquote>\n<h3>What are the 9 Pricing strategies?<\/h3>\n<p>The nine pricing strategies are shown below, relating price against quality.<\/p>\n<p><a href=\"http:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/11\/pricequalitystrategymodel.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-32087\" src=\"http:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/11\/pricequalitystrategymodel-600x360.png\" alt=\"pricequalitystrategymodel\" width=\"600\" height=\"360\" srcset=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/11\/pricequalitystrategymodel-600x360.png 600w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/11\/pricequalitystrategymodel-150x90.png 150w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/11\/pricequalitystrategymodel-550x330.png 550w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/11\/pricequalitystrategymodel-250x150.png 250w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2013\/11\/pricequalitystrategymodel.png 800w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\"><p><a href=\"\/membership\/basic-letter\/\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2019\/10\/si_blog_banner.png\" alt=\"Sign up for Free membership\" onclick=\"ga('send', 'event', 'Blog link', 'Click free membership banner', 'goal setting and evaluation');\"><\/a><\/p><\/span><\/p>\n<p>Our summary below reviews the most frequently used strategies based on the different objectives:<\/p>\n<ul>\n<li><strong>1. Maximum current profit objective<\/strong><\/li>\n<\/ul>\n<p>A <em>Premium strategy<\/em> (top-left) is used for this objective. Typically, there are few competitors and a strong brand driving demand, so a higher price can be set.<\/p>\n<ul>\n<li><strong>2. Product Quality Leadership objective<\/strong><\/li>\n<\/ul>\n<p>This is the <em>High value strategy<\/em>, where a higher quality product is provided and more expensive components are used.<\/p>\n<ul>\n<li><strong>3. Survival objective<\/strong><\/li>\n<\/ul>\n<p>This is 'Buying work\u2019 or dropping the price to gain market share. It is a <em>Good Value<\/em> or <em>Economy strategy<\/em>. Often used when customers\u2019 needs change or when competitors move into a market.<\/p>\n<ul>\n<li><strong>4. Maximum sales growth objective<\/strong><\/li>\n<\/ul>\n<p>This is a similar low price strategy involving setting a low initial price to capture market share initially, then when the market grows and costs decrease, costs are reduced further.<\/p>\n<h3>Create an integrated marketing plan to achieve your goals<\/h3>\n<p><span style=\"font-weight: 400;\">If you're looking for a marketing plan to help boost performance why not try our free digital marketing plan template? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our simple, hands-on template guides you to identify marketing opportunities across plan - reach - act - convert - engage to build a marketing funnel that works.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All our marketing tools and template are integrated across the RACE Framework. With RACE, you can streamline your marketing activities using data and expert insights to plan, manage, and optimize your marketing performance.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-162656\" src=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022-550x378.png\" alt=\"Smart Insights RACE Framework 2022\" width=\"550\" height=\"378\" srcset=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022-550x378.png 550w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022-700x481.png 700w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022-150x103.png 150w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022-768x528.png 768w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022-1536x1056.png 1536w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022-250x172.png 250w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-RACE-Framework-2022.png 1600w\" sizes=\"(max-width: 550px) 100vw, 550px\" \/><\/p>\n<p>Start your digital marketing optimization journey when you download your free copy today as a Smart Insights as a Free Member. Find out more.<\/p>\n<p><span style=\"font-weight: 400;\"><div class='postauthor si-guide-block'>\n                <div class='col-md-2 col-sm-12 si-icon-holder'>\n                    <a target='_blank' href='https:\/\/www.smartinsights.com\/guides\/digital-marketing-plan-template\/'>\n                  <img src='https:\/\/www.smartinsights.com\/wp-content\/uploads\/2011\/05\/Digital-marketing-planning-template-guide-cover-creator-pdf-106x150.jpg' alt='Free digital marketing plan template'>\n                    <\/a>\n                <\/div>\n                <div class='col-md-10 col-sm-12'>\n                    <p><strong>Free digital marketing plan template<\/strong><\/p>\n                    <p>Our popular marketing planning template is structured across the Smart Insights RACE Framework. Join Smart Insights as a Free Member to download our digital marketing plan template today<\/p>\n                    <p>Access the <a target='_blank' href='https:\/\/www.smartinsights.com\/guides\/digital-marketing-plan-template\/'>Free digital marketing plan template<\/a><\/p>\n                <\/div>\n            <\/div><\/span><\/p>\n<h3>How can I apply this Pricing model?<\/h3>\n<p><strong>When developing new products think of the price strategy before the product is completed.<\/strong><\/p>\n<p><strong>Ask yourself, what are you trying to achieve?<\/strong> The cost-plus pricing model has long gone as we expect goods and services to be appropriately priced. One marquee hire company I worked with offered high quality service and a very low price which was a superb-value strategy. It didn\u2019t work. Research showed that potential customers were suspicious and didn\u2019t place orders with them as they thought the product quality was low because the price was low. They raised their prices adopting a high value strategy and increased sales by 40%.<\/p>\n<blockquote><p><em>Developing new products means creating pricing strategies. These might follow the company\u2019s standard strategies, or take a different approach.<\/em><\/p><\/blockquote>\n<p>When they introduce a new product, such as fans and heaters, these follow the same premium pricing strategy. Be realistic and research perceptions. ' If it sounds too good to be true then it usually is'. \u00a0It's essential to fit our price to the product's perceived quality.<\/p>\n<h3>Examples of pricing strategies using the model<\/h3>\n<ul>\n<li><strong>Premium Strategy<\/strong><\/li>\n<\/ul>\n<p>The objective was for maximum profit, so when Apple iPhones were the first smartphone in the marketplace they could set high prices before other players entered. Once others gained entry including Android and Samsung, they have reduced their prices.<\/p>\n<ul>\n<li><strong>High Value Pricing Strategy<\/strong><\/li>\n<\/ul>\n<p>The objective was product-quality leadership which was followed by Dyson Vacuum cleaners,\u00a0They design and manufacture quality products, based on years of research, testing and significant investment into patents. As their website states: 'New ideas are the lifeblood of Dyson. Every year, we invest half our profits back into harnessing them at our research and development laboratory in Wiltshire. There are 650 engineers and scientists based there.' They share their story and \u2018behind the scenes\u2019 details, such as the hammer test (below), to justify their premium pricing strategy.<\/p>\n<ul>\n<li><strong>Superb value pricing Strategy<\/strong><\/li>\n<\/ul>\n<p>Waitrose's objective was more than survival but to recapture customers, or stop them switching. Their Essential range was launched as the UK hit the recession to re-capture shoppers buying from discount stores, so they reduced the prices of their basic food.<\/p>\n<ul>\n<li><strong>Good value pricing Strategy<\/strong><\/li>\n<\/ul>\n<p>For maximum sales growth, Subway sandwiches offer a lower price lunchtime snack and now have more outlets across the UK than MacDonald.<\/p>\n<h3>Looking for a marketing strategy to win more customers?<\/h3>\n<p><span style=\"font-weight: 400;\">Our RACE Framework empowers marketers and managers to use data and customer insights to build a practical, adaptable marketing strategy with the customer at the center.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Structured across reach, act, convert, and engage, you can use the RACE Framework to identify opportunities and challenges within your company, and make decisions that improve your marketing funnel.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-162657\" src=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022-550x378.png\" alt=\"\" width=\"550\" height=\"378\" srcset=\"https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022-550x378.png 550w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022-700x481.png 700w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022-150x103.png 150w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022-768x528.png 768w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022-1536x1056.png 1536w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022-250x172.png 250w, https:\/\/www.smartinsights.com\/wp-content\/uploads\/2021\/06\/Smart-Insights-Lifecycle-Marketing-Model-2022.png 1600w\" sizes=\"(max-width: 550px) 100vw, 550px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Structure your marketing plan around a customer lifecycle proven to boost performance. Join Smart Insights as a Free Member for instant access to our free digital marketing plan template to hone your skills and drive the results you need.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class='postauthor si-guide-block'>\n                <div class='col-md-2 col-sm-12 si-icon-holder'>\n                    <a target='_blank' href='https:\/\/www.smartinsights.com\/guides\/digital-marketing-plan-template\/'>\n                  <img src='https:\/\/www.smartinsights.com\/wp-content\/uploads\/2011\/05\/Digital-marketing-planning-template-guide-cover-creator-pdf-106x150.jpg' alt='Free digital marketing plan template'>\n                    <\/a>\n                <\/div>\n                <div class='col-md-10 col-sm-12'>\n                    <p><strong>Free digital marketing plan template<\/strong><\/p>\n                    <p>Our popular marketing planning template is structured across the Smart Insights RACE Framework. Join Smart Insights as a Free Member to download our digital marketing plan template today<\/p>\n                    <p>Access the <a target='_blank' href='https:\/\/www.smartinsights.com\/guides\/digital-marketing-plan-template\/'>Free digital marketing plan template<\/a><\/p>\n                <\/div>\n            <\/div><\/span><\/p>\n<h3>What to watch for<\/h3>\n<p>If you\u2019re developing products and changing the quality, perhaps saving money and reducing one element of the process, review the price too, or you could fall into False Economy or Rip-Off strategies.<\/p>\n<h3>Original Sources<\/h3>\n<p>Kotler, P. (1988). <i>Marketing Management: Analysis, Planning, Implementation and Control<\/i>. 6th Ed. Englewood Cliffs, New Jersey. Prentice-Hall Inc.<\/p>\n<p><span style=\"font-weight: 400;\"><p><a href=\"\/membership\/basic-letter\/\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2019\/10\/si_blog_banner.png\" alt=\"Sign up for Free membership\" onclick=\"ga('send', 'event', 'Blog link', 'Click free membership banner', 'goal setting and evaluation');\"><\/a><\/p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Using Kotler&#8217;s Pricing model to review positioning Also referred to as the nine quality-pricing strategy, since it is a matrix covering nine options, the aim of Kotler&#8217;s Pricing model is to help companies position their products or services relative to &hellip;..<\/p>\n","protected":false},"author":7,"featured_media":32087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"footnotes":""},"categories":[905],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - 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