Pricing of Marine Products and Services in the Modular Age

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Pricing of Marine Products and Services in the Modular Age

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Title: Pricing of Marine Products and Services in the Modular Age
Author: Jiang, Liping; Al-Ajlouni, Omar
Abstract: WHAT IS THE ISSUE? Pricing can be a particular challenging issue for marine suppliers with multiple products and services especially when suppliers want to address specific customer needs and at the same time achieves the efficiency in pricing. WHY IS IT IMPORTANT? Appropriate pricing of products-and-services combination can have a much broader impact on the business. First, it will boost the sales and revenue by differentiating customers’ varied preference between offerings while reducing the transaction costs. In addition, it will enhance the competitiveness and minimize the ability of new entrants to compete in the market. Lastly, customer satisfaction and loyalty will be increased accordingly. WHAT CAN BE DONE? The pricing challenge for multiple products and services can be overcome by applying the modular concept on pricing, where each product or service is offered as a module, so suppliers can either set different prices for each module or offer a couple of modules at a bundled price. Pursuing price bundling will allow suppliers to balance the tradeoff between customization and standardization in pricing, thus creating a potential win-win situation.
URI: http://hdl.handle.net/10398/9520
Date: 2017-09-07

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