Impact of Supply and Demand on Pricing
値付けを考える際に欠かせない “Three Cs”
- Customer demand
- Competitors’ prices
- Costs
Pricing Strategy
論点 マークアップ法とターゲットプライシングの違い
- Mark-up pricing
- is based on existing costs and a desired return.
- The price is then determined by adding the product cost and desired mark-up.
- This method provides little incentive to reduce costs as long as sales are profitable.
- Target costing
- Product prices are determined by reviewing competitive pricing and setting prices according to market strategies and positioning.
- Target costing moves from the existing market prices to the process of managing the product costs in order to earn a desired return.
- Target costing motivates process improvements.
- The process is intended to increase or maintain sales while increasing product profitability by reducing product costs through the elimination of non-value added activities.
Price Elasticity of Demand 需要の価格弾力性
弾力的
- 価格のわずかな上昇で需要が大きく減少する
- 買い手市場
- コンペチタ―が多い
- 代替商品が多い
非弾力的
- 価格が大きく上昇しても需要はさほど減少しない
- 売り手市場
- コンペチタ―が少ない
- 代替商品が少ない
完全に弾力的（水平）
- 価格は市場（消費者）が決めるので、生産者は Price taker に甘んじるしかない
- 市場価格でしか売ることができない（$4）
- 完全な買い手市場（完全競争市場：perfectly competitive market）
完全に非弾力的（垂直）
- 価格は企業（生産者）が決めるので、生産者は Price maker になれる
- 需要数量はあらかじめ決まっている
- 完全な売り手市場
- 例）特定の疾患向け医薬品は、薬価がいくらであろうと、患者（消費者）は購入しようとする。ただし、患者数は短期では一定である（600人）
弾力性（弾力値）の計算方法
The Percentage Method
● 通常の弾力性の計算方法
価格が減少の方向で計算した時と、増加の方向で計算した時とで、弾力性の計算結果が異なる
\( \displaystyle \bf E_d = \frac{\% \Delta Q}{\% \Delta P} \)
Where:
Ed = The price elasticity of demand
%ΔQ = Percentage change in quantity demanded
%ΔP = Percentage change in price
The Midpoint Method / The Arc Method
● USCMA の試験で問われる計算方法
価格が減少の方向で計算した時でも、増加の方向で計算した時でも、弾力性の計算結果は同じになる
\( \displaystyle \bf E_d = \frac{(Q_2 – Q_1) \div [(Q_2 + Q_1) \div 2]}{(P_2 – P_1) \div [(P_2 + P_1) \div 2]} \)
Classification of Levels of Elasticity
| Ed = ∞ | Perfect elastic | Perfect elasticity cannot be calculated. Only a firm operating in perfect competition has perfect elasticity for its product. ex. agriculture industry → 水平 horizontal |
| Ed > 1 | Relatively elastic | Any percentage change in price results in a larger percentage change in the quantity demand. |
| Ed = 1 | Unitary elastic | Any percentage change in price will cause the quantity demanded to change by exactly the same percentage. → 45度線 |
| Ed < 1 | Relatively inelastic | Any percentage change in price results in a smaller percentage change in the quantity demand. |
| Ed = 0 | Perfectly inelastic | Any percentage change in price results in no change in the quantity demand. → 垂直 vertical |
Price Elasticity and Total Revenue
\( \displaystyle \bf Total~Revenue = Price \times Quantity \)
| Elastic Ed > 1 | Inelastic Ed < 1 | Unitary Elasticity Ed = 1 | |
|---|---|---|---|
| Price Increases | (TR Decreases) | TR Increases | TR is unchanged |
| Price Deceases | TR Increases | (TR Decreases) | TR is unchanged |
Market Structure 市場構造
Four Market Structures and Strategies
| Perfect Competition 完全競争 | Monopolistic Competition 独占的競争 | Oligopoly 寡占 | Monopoly 独占 | |
|---|---|---|---|---|
| Number of firms in the industry 企業数 | Many (High competitive) | Many (High competitive) | Few (Moderately competitive) | One (No competitive) |
| Size of firms relative to industry 企業規模 | Small | Small | Large | 100% of industry |
| Barriers to entry 参入障壁 | None (Easy to enter industry) | Low (Easy to enter industry) | High (Difficult to enter industry because of Economics of Scale) | Insurmountable (No entry is possible) |
| Differentiation of Product 製品差別化 | None (All firms sell the same commodity Product) | Some (Firms sell slightly different products that are close substitutes) | Various (Firms usually sell differentiated products) | None (One firm sells only one Product) |
| Perfect Competition 完全競争 | Monopolistic Competition 独占的競争 | Oligopoly 寡占 | Monopoly 独占 | |
|---|---|---|---|---|
| Elasticity of Demand 需要の価格 弾力性 | Perfect elastic (Firm sells at the given market price) | Highly elastic but downward sloping (Firm can adjust quantity of products sold without affecting the price very much) | Firms face a kinked downward sloping | Inelastic (Firm faces the entire demand curve for the product, which slopes downward) |
| Firm’s Control over Price & Quantity 管理可能性 | Firm has control over quantity produced only; price is set by the market, firm must accept the market price | Firm has control mostly over quantity produced; price is mostly set by the market | Firm has control over both the quantity produced & the price charged | Firm has control over both quantity and price |
| Pricing Strategy 価格戦略 | P =MC = MC Accepts market price | P > MC = MC Searches for best price to maximize profits | P > MC = MC Does not like to engage in price competition | P > MC = MC Searches for optimum price |
| Strategies 諸戦略 | Maintain market share & responsiveness of sales price to market conditions | Maintain market share, enhance product differentiation, and allocate resources to advertising, MK & production research | Enhance market share, proper spending on advertising, & proper adaption to changes in price | Ignore market share & focus on profitability from production levels that maximize profits |
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