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Kotler’s Pricing Strategies Best Practices
Philip Kotler’s Pricing Strategies, also known as the Nine Quality-Pricing Strategy, consists of a matrix of nine pricing options. The goal is the assist companies to position products based on their perceived place in the market relative to the competition. This model relates pricing to the quality delivered.
More about Kotler’s Pricing Strategies
Description of Kotler’s Pricing Strategies
The model takes the form of a nine-box matrix. Along the left side are three levels of product quality, Low, Medium and High. Across the top are three levels of Price, High, Medium and Low.
The most commonly used pricing objectives are outlined below:
- Maximum Profit objective: A Premium strategy(top-left corner) is used for this objective. This is possible when the product has a niche in the market with little to no competition and high demand. There is generally a uniqueness in the product so that it cannot be easily duplicated or it is in short supply. Therefore, achieving a high price for the product is possible.
- Product Quality Leadership objective: This strategy is for High Value products (top-middle), where the product is of high quality and therefore earns its higher price point. Generally, higher quality and more expensive raw materials are used in this scenario.
- Market Survival objective: This objective is also called Penetration Pricing and is used when a new competitor moves into an existing market and is trying to gain market share. The price is lower than the competition and the product is considered a Good Value.
- Maximum Sales Growth objective: This is similar to the Survival Objective, except that when the anticipated market share is gained and the cost of production is decreased, the price is further reduced.
Praxie's Online Kotler’s Pricing Strategies Tools & Templates
Various types of market surveys and customer service interviews can be used to provide insights, data and additional support when using theKotler’s Pricing Strategiesmethod. Get started with our Kotler’s Pricing Strategies template.
How to use it:
- List your products and assign High, Medium, or Low to their Product Quality and Price.
- Based on your assessment, enter the product names in each of the relevant boxes.
- Conduct this assessment for yourself and / or your competition to better understandthe market landscape and define strategies for differentiation & growth.
- Create an action plan focused on creating and implementing your pricing strategies matrix.
Unlike most traditional Kotler’s Pricing Strategies techniques, Praxie’s online Kotler’s Pricing Strategies tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
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Business Strategy Best Practices Library includes::
2 X 2 Matrix, ADL Matrix, Baker's 4 Strategies of Influence, Balanced Scorecard, Benchmarking, Bowman Strategy Clock, Build-Measure-Learn Feedback Loop, CAGE Distance Framework, Competitive Analysis, Competitive Landscape Analysis, Contingency Planning, Core Competence Analysis, Critical Success Factors, Discovery Driven Planning, First Mover Advantage, Five Forces Model, Gap Analysis, GE McKinsey 9-Box Matrix, Go To Market Strategy, Hambrick & Frederickson's Strategy Diamond, Hedgehog Model, Hook Model of Behavioral Design, Hoshin Planning System, Kay's Distinctive Capabilities Framework, Key Outcome Indicators, Kotler's Five Product Levels Model, Kotler's Pricing Strategies, Lafley & Martin's Five Step Strategy Model, McKinsey 7S Model, McKinsey's Seven Degrees of Freedom for Growth, Mission Statements, Mullin's Seven Domains Model, Ohmae's 3 Cs Model, PEST Analysis, PESTLE Analysis, Porter's Diamond, Portfolio Management, Purpose Statements, Pyramid of Purpose, Scenario Planning, Simonson & Rosen's Influence Mix, SMART Performance Metrics, SMART(ER) Goals, SOAR, Strategic Goals, Strategy Map, Strategy Roadmap, Strategy Uncertainty Map, SWOT Analysis, TOWS Matrix, Triple Bottom Line, Unique Selling Proposition (USP), Value Disciplines Model, Value Net Model, Values Statement, Vision Statement, VRIO Analysis and Weisbord's Six-Box Model.
