Impact of Pricing Strategies on Consumers' Brand Choice - PowerPoint by yak12997

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									  Product & Pricing
    Concepts & Strategies


Product Price
     Target
       &
    Position

Place   Promo
What is a Product?

       Basically
      Essentially
        Academically
      Commercially
        Good              of
  Products are the set Convenience,
Consumer Products:
         Products are
 features, functions, and
Specialty, Service
           Shopping, Unsought
 benefits Idea
Business that customersmaterials,
            Products: Raw
    nothing until they
         purchase:
Maintenance, repair & operating
       Organization
equipment, Component Parts…
 “Bundle of Attributes”
         are a brand!
        Person
THE ART OF MARKETING
         is BRANDING
               *
  If you are not a BRAND,
   You’re a COMMODITY.
               *
 Then PRICE is everything
& the LOW-COST producer
      is the only winner!
Branding:
 Function & Components of
  Brands
 History & Types of
  Branding
 Brand Equity
Brand Management:
 Line & Mix Strategies
 New Product Development
 Pricing Strategies &
  Tactics
 Product Life-Cycle
          By Definition…

 A BRAND    is a name,
term, symbol, design or
combination thereof-
that identifies a
seller’s product
& differentiates it
from competitors’
products.
The Power of a Brand
  Identical cereals tasted by consumers:

                         Vs.
     59% Chose                        41% Chose
      Kellogg’s                        No Brand


Identical TV sets examined by consumers:

                            Vs.

 Consumers willing to pay $75 more for Hitachi than GE
               Branding
 Brand name:
--part of brand consisting of
   words or letters that
   “identify & distinguish”
   firm’s offering
 Brand mark:
--symbol or pictorial design
   that identifies product….
   Logo: a brand or company
   name written/ symbolized in
   a distinctive way
            BRAND TRADEMARKS
          registered ®; pending TM
   Trademark: confers the
    exclusive right to brand name,
    trade mark, &/or any slogan or
    abbreviation
   A registered trademark (10
    year renewable periods;
    $~325 filing fee) gives a
    marketer proprietary rights to   Legal Trademarks
    a symbol or name.                date back to 1226 A.D.
                                     English Law:
                                     Bakers had to mark
                                     every loaf- so any
                                     Baker w/ “light” loaves
                                     could be ID’d
Multi-Million $ Logos: Words
Multi-Million $ Logos: Symbols
Multi-Million $ Words w/ Symbols
 Some of 1st Major Brand Names

 1850s Smith Brothers
 1877 Quaker Oats used
 image of William Penn who founded co.
 in 1681 to convey company image of
 honest, decency, hard work
 1869 Campbell’s Soup
 1873 Levi Strauss

 1879 Ivory Soap
 1888 Eastman Kodak
An Effective Brand Timex,
Kleenex, Windex, Name… Off,
Close-up, Drano, Underalls,
Wham-o, Gleem, True-Value,
   Easy to pronounce
   Easy to Beauty-Rest, Duz,
Sleepeze, recognize & remember
Allerest, Total, ColdSpot…
   Is short, distinctive- unique
   Describes product- use- benefits
Tide, Crest, Bic, Crest, Crisco,
   Has positive connotation
Wendy’s, Apple, Sony, Nike…
   Reinforces product image
                                     Dupont Brand Mgt. &
 Types of Brands                          Corporate Umbrella

Manufacturers’ Brand:
 brand name owned by product’s producer
  –   Family Brand
  Marketing entire mix under one
      name (Kraft, Heinz, Kellogg, Post)

  –   Ingredient Brand
  Brand is component-part w/in
      product purchased by consumer
      (Intel-chip, Dupont-
      Stainmaster; Teflon; Kevlar)
            Master Brands:
A brand so dominant that it comes to mind immediately when
product category, use, attribute, or benefit is mentioned

 Tissue                              Kleenex
 Adhesive Bandages                   Band-Aid
 Rum                                  Bacardi
 Gelatin                               Jell-O
 Soup                               Campbell’s
 Cream Cheese                      Philadelphia
 Crayons                              Crayola
 Petroleum Jelly                     Vaseline
  Retailers are creating their own brands


Store Brands
(a.k.a. house brand/ private
label):
A brand used exclusively by one      •SELECT
chain of stores for a line of        •SIGNATURE
products made to a store’s
specification
                                   •Sam’s
                                   Choice
                                   •Ol’ Roy
                                   •Equate
       Private/ Store Brands

~1 in 5 items sold in
    U.S. stores is
   store branded…
 and more and more
  retailers are getting in on
  the action.
 They're selling better
  products and designing
  spiffier packaging”
On-going move to House Brands :

  Target ~ 50% of products are private
     brands
  Kroger sells 4,300 items it cranks out of
     41 factories it owns
  7-Eleven has own beer, Santiago, brewed
   in El Salvador - designed to steal market share
   from - Corona.
    -Rite Aid adding ~ 250 private-label items
     .. some under its new brands Pure Spring
     and 411.
    Advantages of House Brands

   Earn higher profits
     – Less overhead: Production
       outsourced & Less Promo$
   Total control of distribution
     – Manufacturer may drop a
       brand or become a direct
       competitor to dealers via the
       W3
       Store Brand Impact Grows
         w/ Retail Consolidation

10 biggest               Wal-Mart's
 Mega-                   share of the $3
 Retailers:              trillion U.S.
                         retail market has
account for ~            edged up to
 80% of mfgrs            11.3%,
 biz vs. ~ 30%           compared with
 decade ago              10.5% in 2008
    Strong Brands Provide Value -

For Consumers           For Business:
   Simplify choice      Build Loyalty &
    & reduce risk-        enable higher
                          margins
   provide support
                         Facilitate entry
    & social cues for
                          into new markets
    one’s lifestyle &
                         Basis of
    identity
                          differentiation in
                          mind of consumer
A Brand > its Components

                 Consumer
   Name                                     • Dress code
               perceptions &                         • Offices
   Slogan
                associations                          • Trucks
   Colors                           •
                      Sources of Brand-personality
   Music             Founders
                      Spokespersons
   Theme-lines
                      Characters
   Logo and typeface Objects
                      Stories   and mythologies
Brand = Story
Market Power =
 Story Power
 “We are in the twilight of a society based on
 data. As information and intelligence become
  the domain of computers, society will place
more value on the one human ability that cannot
  be automated: emotion. Imagination, myth,
   ritual - the language of emotion - will affect
 everything from our purchasing decisions to
                    Companies
 how we work with others.
will thrive on the basis of their
stories and myths. Companies will
need to understand that their products are less
               important than
                their stories.”
 Rolf Jensen, Copenhagen Institute for Future Studies
BRAND

 The better your
  brand-story &
the longer you’ve
told it… the more
   valuable your
       brand
http://www.interbrand.com/best_global_brands.aspx
        BRAND EQUITY
The marketplace value
 of a brand based on:
 Sum  total of all the
 persons aware of the
 brand…
 Plus-all their knowledge,
 feelings & perceptions
 toward the brand…
   Communications + Experience =
          Brand Equity
Marketer-controlled communications

       All Brand Promotion             Brand
     (Sales, Advertising, PR)        Awareness

Uncontrolled brand communications

        What Media, --
                                                         Firm’s
  Word-of-Mouth Say re: Brand                         Brand Equity




     Customer’s Experience              Brand
          with Brand                Meaning/ Assoc.
                                     ATTRIBUTES
Brand
Associations
                                 User Imagery
                                 Western, American,
                                                          Usage Imagery
                                  blue collar, hard-       Appropriate
                                 working, traditional,     for outdoor
                                  strong, rugged, -        work- casual
   Product Attributes                masculine                 social     Brand Personality
                                                            situations
    Blue denim, shrink to fit,                                                Honest, classic,
    cotton fabric, button-fly,                                                contemporary,
   two horse patch,-small red
           pocket tag                  Levi’s                                 approachable,
                                                                          independent,- universal

         High Quality, Long-
                                        501
                                                              self-confidence - self-
          lasting - durable                                         assurance
        Functional                 Comfortable fitting
                                    - relaxing to wear      Symbolic Benefits
        Benefits
                                  Experiential Benefits



                                      BENEFITS
The Branding Process
           Brand Building
1-Brand     2- Brand     3- Brand      4- Brand
Identity    Meaning      Response      Relationship
WHO         WHAT Are     WHAT          WHAT About
Are You?    You?         About         You & ME?)
                         You?


           Performance    Consumer
            & Imagery                  Consumer
Salience                 Judgments &   Acceptance
                           Feelings
      POSITIONING
1   Establish Presence & Purpose

           Create         
                           
                               Advertising
                               Sponsorships
            Awareness         Web casts Info-tainment
                              Distribution outlets
           Id &              Public Transit
                              Sponsor Sports; Social causes
            demonstrate       Stealth Marketing- create. buzz
                              User community building (e.g.,
             – Needs           Harley-Davidson)
                              Founder’s personality (e.g.,
               Satisfied   
                               Colonel Saunders)
                               Celebrity spokespersons
             – Benefits    
                           
                               Clubs
                               Company visits
               delivered      Trade shows
                              Traveling exhibits
    2 Create Points of Difference
Performance
   Brand Characteristics &
    Secondary Features          Imagery
     – Product Reliability,
     – Durability &
       Serviceability                     • User Profiles
     – Service Effectiveness,       • Purchase & Usage
       Efficiency & Empathy
                                               Situations
     – Style and Design;         • Personality & Values
     – Price                       • History, Heritage, &
                                            Experiences
     3 Define Associations
Judgments
 Quality

 Credibility     Feelings
 Consideration   • Warmth, Fun
 Superiority
                  • Excitement
                  • Security
                  • Social Approval
                  • Self-Respect
      4 Build Relationship

 Loyalty

 Attachment

 Community

 Engagement
    Brand Management Basics
   What do brand Managers do…… Handle the P’s
       products      promotions place of distribution pricing
                   positioning people   processes

   They Interact with…………………..                Everybody
      advertising market research operations finance sales
                   HR R&D design promotions

   They need to Know…………………. Everything!
     product development new positioning advertising campaign
           targeting to new consumers internet initiatives
          ethnic marketing promotions increasing margins
     exploring alternative channels international synergies etc
 Why Products fail….

Failure to Meet Customer Needs
Poor Timing
Ineffective or Inconsistent
 Branding
Technical or Design Problems
Overestimation of Market Size
Poor Promotion
Insufficient Distribution
            Brand Name?
            Marketing Mix?
            Packaging?
            Pricing?

Should the product be modified?
Should the product line be
 extended?
Should the Brand be extended?
         Product Mix Decisions

   Product Mix Width - # Product Lines compete in
   Product Mix Depth - # Brands w/in each line
                Product Mix: Procter & Gamble
                       Width of Product Mix
                 Detergent    Toothpaste   Bar Soap    Disposable   Paper Tissue
Depth of Line


                                                       Diapers
                 Ivory Snow   Gleem        Ivory       Pampers      Charmin
                 Dreft        Crest        Kirk’s      Luvs         White Cloud
                 Tide         Denquel      Lava                     Puffs
                 Cheer                     Camay                    Banner
                 Oxydol                    Zest
                 Dash                      Safeguard
                 Bold                      Coast
                 Gain
                 Era
                 Solo
       Product Mix: Gillette

                       Width =Categories
Depth = BRANDS



                 Blades and                     Writing
                 razors          Toiletries     instruments   Lighters

                 Mach 3          Series         Paper Mate    Cricket
                 Sensor          Adorn          Flair         S.T. Dupont
                 Trac II         Toni
                 Atra            Right Guard
                 Swivel          Silkience
                 Double-Edge     Soft and Dri
                 Lady Gillette   Foamy
                 Super Speed     Dry Look
                 Twin Injector   Dry Idea
                 Techmatic       Brush Plus
      Brand Mgt - Lingo


        Existing Product    New Product
            Category         Category

Existing
 Brand Line Extension      Brand Extension

 New                          New Product
         Flanker Product        Line
Brand
   Benefits
                    Leverage Co.
                    –Brand Equity


                 Production Efficiencies
 Why Extend
Product Lines
                Marketing Efficiencies
   or add
   to mix?
                  Even out seasonal
                   sales patterns

                Inc. sales w/ further
                market segmentation
Do Need to be careful w/ Brand Extensions
     (using existing brand name in new product category)



  Kodak  Crayons
  Exxon Office Furniture
  Gerber Life Insurance
                      Established
                    perceptions not
  Life Savers Gum compatible across
  Xerox Computers  product classes

  Kleenex Towels
    Another BRAND Mgt. Concern:
       New-Product Development
   Idea       Screening         Idea    Development Commercial
Generation                   Evaluation               -ization
Ideas from:   Strengths      Concept      R&D            Finalize
Customers       and           testing     Develop          product and
  and users   Weaknesses     Customer       model or       marketing
Marketing     Fit with        reactions     service        plan
  research      objectives   Rough          prototype    Start
Competitors   Market          estimates   Test             production
Other           trends        of cost,      marketing      and
  markets     Rough ROI       sales,        mix            marketing
Company         estimate      profits     Revise plans   “Roll out” in
  people                                    as needed      select
Middlemen                                 ROI estimate     markets
                                                         Final ROI
                                                           estimate
        Finding 1 Successful New Product
              (Starting w/ 64 New Ideas)

                       Number of                  Cost per
Stage                    Ideas     Pass Ratio   Product Idea     Total Cost
                          64          1:4              $ 1,000     $     64,000
1.   Idea screening
                          16          1:2               20,000          320,000
2.   Concept testing
                          8           1:2              200,000         1,600,000
3.   Development
                          4           1:2              500,000         2,000,000
4.   Test marketing
                          2           1:2            5,000,000      10,000,000
5.   National launch
                                                    $5,721,000     $13,984,000
New Product Development


                Clear & Direct
               Application of Sit.
                  Analysis &
               Marketing Concept
                   Consumer
                   Centric…
                Customer-Driven
                & Directed R&D
  Moving from top-down to bottom-up innovation

                             Traditional           Customer-driven
                             innovation              innovation
  Source - inspiration       Executives                Customers
                                                 Deep observation
                         Existing assets,        of customer tastes
        Key drivers
                         Products & Position      needs & desires
Customer involvement         Structured              Spontaneous

            Process       Linear, step by step      Interactive

   Corporate posture      Go out to customer       Invite customer in
                             storyboards         Search, email, blogs
              Tools
                         Surveys, focus groups    Web-text mining,
 In addition   all
  Products- old or
  new- need to be
  priced
  appropriately
       too lies w/in
 ..this
  the Brand
  Manager’s Domain
  of Responsibility
 Art or
Science?
     Pricing Considerations

1. Your Costs
2. Your Objectives
3. Your Consumers
      MindSet
4.   Stage in Product
      Life-Cycle
5.   Legalities
    1. Your Costs

                 Types of Costs



      Variable
                                  Fixed Costs
       Costs



Deviate with changes           Do not deviate
  in level of output     as level of output changes
          Breakeven Analysis
Dollars




                Total Fixed Costs


              Units of Production
          Breakeven Analysis
Dollars




                                           Total
                                           Costs
                                   Total
                         Variable Costs

              Total Fixed Costs


            Units of Production
          Breakeven Analysis

                                 Total Revenue
Dollars




              Breakeven                     Total
              Point                         Costs



                              Fixed Costs



              #Sales= FC/ price-VC
          Breakeven Analysis

                                      Total Revenue
Dollars




               Breakeven                        Total
               Point                            Costs



           Losses                 Fixed Costs



                Units of Production
          Breakeven Analysis

                                    Total Revenue
Dollars




              Breakeven              Profits   Total
              Point                            Costs



                                Fixed Costs



              Units of Production
     Pricing Considerations

1. Your Costs
2. Your Objectives
3. Your Consumers
      MindSet
4.   Stage in Product
      Life-Cycle
5.   Legalities
2nd Consideration-Your Objective
                                Target
                                Return
                 Profit
                Oriented       Cost-Plus
                                Pricing

                              Sales/ Share
                                Growth
 Pricing         Sales
Objectives      Oriented       Beat the
                              Competition

                               Meet the
                              Competition
               Status Quo
                Oriented      Customary
                                Pricing
     Pricing Considerations

1. Your Costs
2. Your Objectives
3. Your Consumers
      MindSet
4.   Stage in Product
      Life-Cycle
5.   Legalities
  3rd Consideration=Consumer Mind-Set

Internal Reference Price
  What expect/willing to
   pay
External Reference       Lower $   Higher $
 What compare to
Buyer Behavior
 Price, Brand, Style-
   Consciousness
Slide
1-3

Figure
                   Price-Conscious
1.3

 Style-Conscious          Time
                      Brand-Conscious




    (All Benefits Received) – (All Costs Incurred)
          = Product’s Value to the Customer
 Prestige Pricing
    Pricing at
  relatively high
levels - to convey
  image of high
      quality
 Value Pricing


 Low- enticing
  opening price
  points
 Bundling
                  Lo-Opening
 Up-selling      Price point
Product Line Pricing




     Producing
    & marketing
      multiple
    products at
      different
    price points
Loss-Leader Pricing
Retail Tactic
Pricing policy
  which offers
  products at
prices below or
near cost to “get
 consumers in
   the door”
       Odd-Even Pricing
   Odd pricing = ending
    w/ odd number
   Even pricing =
    convey high quality
   Elasticity of Demand

How badly need product
 Elastic
  – Discretionarygoods
  – Lots of competition/
    Substitutes                 Lower $   Higher $
 Inelastic
  – Necessities
  – Few-if any-   Substitutes
DEMAND PRICING
 Higherprices-
 favored w/ inelastic
 –   Price increases offset
     volume losses
 Lower prices -
 favored w/ elastic
 –   Volume increases
     offset price reductions
 Formula to Determine Elasticity


Price                   % Change in Demand
Elasticity =              % Change in Price
of Demand

If PEoD > 1 Demand is Price Elastic (sensitive)


If PEoD < 1 Demand is Price Inelastic (insensitive)
Demand Curves
              Elastic Demand
Price




                             Recreational
        Hi$                    Vehicles


        Lo$

                  GREAT- change in Demand
              Q-LOW              Q_HI

                      Quantity
Demand Curves
    Inelastic Demand
    Price       Electricity


      P-Hi

      P-LO




                   Q Lo QHI

             little- change in Demand
     Pricing Considerations

1. Your Costs
2. Your Objectives
3. Your Consumers
      MindSet
4.   Stage in Product
      Life-Cycle
5.   Legalities
 Product Life Cycle
Market Strategy   Establish Distribution & Share
       Pricing    Skimming or Penetration
     Promotion    Create Awareness, induce Trial
        Target    Innovators
         Copy     Switching Idea, Excitement, Immediacy
        Profits   Expected loses; Promo/sales ratio Hi




Introduction       Growth           Maturity       Decline
 New Product Pricing
                                                             Strategic
                                                              Pricing
                                  Penetration                Concerns
                                Pricing Strategy
     Skimming
      Pricing                         Maturity              Decline

      Strategy
                   Growth
Introduction


              High initial price for quick ROI
           Price insensitivity by the market- Innovative
          Consumer places hi premium on social &
            experiential benefits of owning product
            New Product Pricing
                                                    Strategic
                                                     Pricing
                                   Skimming         Concerns

                                Pricing Strategy
    Penetration
      Pricing                        Maturity      Decline

     Strategy
                  Growth
Introduction


           Low initial price
           Volume for lower production costs
           Imminent competition
 Product Life Cycle- Growth Stage

      Marketing   Inc. Market share & Penetration
Price policy Maintain stable pricing policy
         Place    solidify distribution channels generate
     Promotion    Selective demand; establish Brand Pref.
         Copy     Stress Originality
        Profits   start of profits
        Target    Early Adopters




Introduction       Growth           Maturity        Decline
 Product Life Cycle: Maturity
     Marketing   Maintain share
Price policy     Use Consumer & Trade Promotions
        Place    increase distribution efforts
    Promotion    New users- new segments-new uses
        Copy     New & Improved; New campaigns
       Profits   highest profits (peak)
       Target    Early-Late Majority




Introduction      Growth          Maturity    Decline
      PROMOTOOLS:

Sales Promotions

   Seasonal

       Quantity       50
Premiums, Contests

     Rebates

Trade-in Allowances
   Product Life Cycle- Decline
      Marketing   Prune Channels, reduce losses
Price policy      clear inventory w/ $- discounts
                  & Promos
         Place    limit distribution efforts
     Promotion    cut-back on advertising
        Profits   reduced profits
        Target    Laggards




Introduction       Growth              Maturity   Decline
     Pricing Considerations

1. Your Costs
2. Your Objectives
3. Your Consumers
      MindSet
4.   Stage in Product
      Life-Cycle
5.   Legalities
Major Legal Concerns

    Exaggerated Compartives


                 Price Fixing


   Issues          Price Discrimination
   That Impact
   Pricing
   Decisions                  Predatory Pricing
  Unfair Trade Practice Acts
        Laws that prohibit
        wholesalers & retailers
        from manipulating prices –to
        manipulate markets

#1=Exaggerated Comparative Price
  Advertising
 Using comparison prices of dubious
  validity -Product introduced at
  artificially high prices for short time
  then dropped to a new low long-term
  price
#2=Price Fixing-
.. agreement betw. two
or more firms on price
they will charge
for product.
 #3=Price Discrimination


The Robinson-Patman Act
of 1936:
Prohibits any firm from
selling to two or more
different buyers
at different prices
… if the result would lessen
competition
#4=Predatory Pricing
       The practice of charging a
       very low price for a
       product with the intent of
       driving competitors out of
       business or out of a
       market…
Finally-A couple of things…
Don’t Strain your Brain…


just install the
 latest
 software…
    Oracle Retail Price Optimization

   -provides targeted capabilities - allow you to sharpen your
    pricing policies & drive higher profits.
   Consider key demand drivers such as price elasticity,
    seasonality, cross-elasticity, and targeted price elasticity
    models at the item and store level
   Recommend the exact minimum relative price gap need to
    compete effectively for each store or key-item
   Predict the whole-store revenue and margin impact of a key
    item price change
   Provide what-if decision support to simulation options prior to
    executing the strategy
 Key- not get Right Price
               But- Get Price Right
 Which price    is right?
Software-using algorithms to
  calibrate
   – how much need to buy
   – how to promote &
     merchandize
   – and how to price it
OR- don’t charge anything at all !




                     Wired's Editor In
                    Chief Chris
                    Anderson discusses
                    why $0.00 is the
                    future of business
20th Century: “Atoms Economy”
  •Things get more expensive
  • Free = direct subsidy
        “No such thing as a free lunch”



21st Century: “Bits Economy”
  •Things get cheaper
  • Free = indirect subsidy
       “The best things in life are free”
Free’s hard: needs an upgrade path
Econ 101

“In a competitive market
     price falls to the
      marginal cost”
Cost to stream a movie: $0.06
     Round down!
  If the unitary cost of
something is approaching
 zero, treat it as zero and
   sell something else.
Welcome to the Gift Economy
Old- Cross-           New- Cross-
 Subsidy:              Subsidy:




              FREE!
Old Marketing Tactic
         Give away a-little
            to sell a-lot
New Marketing Tactic

          Give away a-lot
           to sell a-little

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Bundle/ Give it     License Server
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Freemium Models

     LIMITED:
      1.TIME
      2.FEATURES
      3.SEATS
      4.SEGMENTS
The “Dealer’s” Special
         How to Make Money Around Free Content
•CPM ads "cost per thousand views"; banner ads online and
regular ads in print, TV and radio )
•CPC ads "cost per click"; think Google ads
•CPT ads "cost per transaction―
•Lead generation( you pay for qualified names of potential
customers
•Autoresponder Membership people pay for email;
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•Rental of subscriber lists
Sale of information selling data about users—
•Upgraded service/content( ed: aka "freemium)"
•Alternate output( pdf; print/print-on-demand; customized
Shared Book style; et
•Licensing of brand people pay to use a media brand as
implied endorsement
•Co-branded spinoff
•Cost Per Install( popular with top Facebook apps who can help
others get installs
•E-commerce selling stuff directly on your website
•Sponsorships( ads of some sort that are sold based on time, not
on the number of impressions
•Listings paying a time based amount to list something like a job
or real estate on your website
•Paid Inclusion a form of CPC advertising where an advertiser
pays to be included in a search result
•Streaming Audio Advertising like radio advertising delivered in
the audio stream after a certain amount of audio content has been
delivered
•Streaming Video Advertising( like streaming audio but in video
•API Fees( charging third parties to access your API
Custom services/feeds
•Live events; "Souvenirs"/"Merchandise
Factors in Successful
  Pricing Decisions

								
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