In Tuesday session we discussed topics including the importance of writing a product description ,pricing of a product and problem faced by marketers to play with price of a product.
we discussed about perceived value of a product for customers and mathematical expression for that-
Perceived Value = ∑Benefit -∑cost
R.M.S.=T.R.*R.P.R
In India customers also relate a products quality with its price.[Price α Quality]
i.e. Higher the Quality Higher the Price & vice versa.
we discussed the problem of the pricing that "Sony" is facing in India that It is bound to keep its products rate higher than other companies like LG,Samsung etc. Because people associate Sony with a high quality product so they are ready to pay high price for a Sony product.
But if Sony will reduce the price to capture the segments of other brands than it can loose its existing customer as they directly associate Quality with the price.
We also saw that how the marketers like HUL in recent years play with quantity of their product rather than increasing price of product they reduce the weight of product.
Example:-890grams pack instead of 1kg pack.
At end of the session we saw the topics which we are going to discuss in upcoming sessions on Pricing::-
1.How do consumer process and evaluate prices?
2.How should a company set prices initially for products and services?
3.How should a company adopt prices to meet verifying circumstances & opportunities ?
4.When should a company initiate a price change?
5.How should a company respond to a competitor`s price challenge ?
We also discussed some points about TRP
=>Television Rating Point (TRP) is a tool provided to judge which programmes are viewed the most. This gives us an index of the choice of the people and also the popularity of a particular channel. For calculation purpose, a device is attached to the TV set in a few thousand viewers' houses for judging purpose. These numbers are treated as sample from the overall TV owners in different geographical and demographic sectors. The device is called as People's Meter.
In India, television ratings are collected by two main organizations - TAM Media Research and Audience Measurement Analytics Limited (aMap). [[Audience Measurement and Analytics Ltd. aMap entered the market in 2005, with more coverage and latest technology from Telecontrol-Switzerland. [[Audience Measurement and Analytics Ltd. aMap polls the meters (6000 households) using GSM network and provides ratings overnight. TAM India collects data manually (physical visits) and releases data weekly. [[Audience Measurement and Analytics Ltd. aMap also has a stand-alone digital panel (aMapDigital) to measure TV viewing and Interactive engagement in direct-broadcast satellite (DBS) homes.
Participant,
-Vinayak Chauhan
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