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Chapter18PricingforInternationalMarkets©McGraw-HillEducation.Allrightsreserved.Authorizedonlyforinstructoruseintheclassroom.
NoreproductionorfurtherdistributionpermittedwithoutthepriorwrittenconsentofMcGraw-HillEducation.LearningObjectives18-1 Componentsofpricingascompetitivetoolsininternationalmarketing18-2 Howtocontrolpricinginparallelimportorgraymarkets18-3 Priceescalationandhowtominimizeitseffect18-4 Countertradinganditsplaceininternationalmarketingpractices18-5 Themechanicsofpricequotations18-6 ThemechanicsofgettingpaidIntroductionVariablesImpactingPriceTariffsCostsAttitudesCompetitionCurrencyfluctuationsMethodsofpricequotationMethodsofpaymentPricingPolicy1of2PricingObjectivesPricingdecisionsActiveinstrumenttoaccomplishmarketobjectivesCompanysetspricesratherthanfollowingmarketpricesAchieveobjectives:targetreturnsonprofit,salesvolumeStaticbusinesselementViewsexportsaspassivecontributiontosalesvolume,andprobablyonlyexportsexcessinventoryPlaceslowpriorityonforeignbusinessPricingPolicy2of2ParallelImportsFirmschargedifferentpricespercountryParallel(gray)marketProductsoldtodevelopingcountryfordiscountedpriceProductexportedillegallytoothercountriesforsamepriceResultsincompetitionbetweencompanyandownsubsidiariesorbranchesExclusivedistributionCompanyrestrictswhichretailerscancarryproductExhibit18.1HowGrayMarketGoodsEndUpinU.S.StoresAmajormanufactureragreestosellitsproducts,atapricecompetitiveforanoverseasmarket,to“BuyerX”whopromisestoselltheproductsoverseas.ThemanufacturershipsthegoodstoBuyerX.BuyerXhasalocalfreightforwarderattheporttakepossessionofthegoods.Insteadofshippingthegoodstotheirsupposeddestination,thefreight
forwarder(atthebehestofBuyerX)sendsthemtosmallerdistributorsand
discountoutletsintheUnitedStates.Thefreightforwardersendsabogusbillofladingtothemanufacturer,sothecompanybelievesthegoodshavebeensoldoverseas.ApproachestoInternationalPricing1of2Full-costpricingNounitofsimilarproductisdifferentincostfromothers;eachmustbearfullshareoftotalfixedandvariablecostSuitablewhenhighvariablecostsrelativetofixedcostsVariable-costpricingFirmsareconcernedonlywithmarginalorincrementalcostofproducinggoodstobesoldoverseasForeignsalesareabonuscontributiontonetprofitPracticalwhenfixedcostsarehighandthereisunusedproductioncapacityApproachestoInternationalPricing2of2SkimmingpricingUsedtoreachsegmentofmarketthatispriceinsensitiveandwillingtopayapremiumpriceforproductUsedinmarketswithtwoincomelevels:wealthyandpoorPenetrationpricingDeliberatelyofferingproductsatlowpricesCompetitivemaneuvertocapturemarketshareWalmartinChinaChinesewaittoenterBeijing’sfirstWalmartoutlet.ThousandscrowdedtheSam’sClubstoreonthefarwesternedgeofBeijingastheworld’sbiggestretailermadeitsfirstforayintoamajorChinesecity.Walmartnowhasnearly200storeselsewhereinChina;thefirstopenedin1996.Thelow-price-for-good-qualitystrategyofWalmartandothermassretailerssuchasCostcoandCarrefour,theFrenchsupermarketchain,haveresultedinlowerretailpricesinChina,Japan,andotherAsiancountriestheyhaveentered.©DavidG.Mcintyre/EPA/REX/ShutterstockPriceEscalation1of5CostsofExportingKeycauseofpriceescalationHighercostofproductinforeignmarketthandomesticmarketMainelementsShippingandpackingcostsInsuranceFinancingcostsTariffs,taxes,andadministrativecostsLargermiddlemanmarginsExchangeratefluctuationsPriceEscalation2of5TariffsaspecialformoftaxationServetodiscriminateagainstallforeigngoodsHurtdomesticmarketifcounter-tariffsimplementedAdministrativefeesaddtooverallexportcostObtainingexportlicenses,importlicenses,andotherdocumentsPhysicalarrangementfortransportationCanreachsuchalevelthattheyare,infact,importtaxesPriceEscalation3of5InflationCauseshighercostofproductionandreplacementCompanyraisespriceofgoodforconsumerUltimatelyexcludesmanyconsumersfrommarketDeflationGeneralcostslowinmarketAllinsupplychainpressuredtolowercoststomakesalesCompanymustraisebrandvaluetowinconsumertrustPriceEscalation4of5ExchangeRateFluctuationsWorldtradecontractsdifficulttowritePaymentspecificationschallengingwithchangingcurrencyAllmajorcurrenciesarefloatingfreelyrelativetooneanotherVaryingCurrencyValuesImpactsconsumers’perceptionsofvalueChangescostofexportingproductsandimpactspriceVaryingCurrencyValuesandPriceMcDonald’sJapanannouncedthatitwouldreducethepriceofhamburgersby30percentforamonthtoreturntocustomerstheprofitthecompanymadebythestrongyenagainstU.S.dollarsinimportingtherawmaterialsfromabroad.McDonald’smovecreatedgoodwillamongitscustomersatatimewhenitisforcedtolowerpricesto“hike”salesinaneconomythatissufferingamajordownturn.Thismoveisagoodexampleofhowdifferencesinthevalueofcurrenciescanbepositiveforacompany,asinthiscase,ornegativewhenthevalueofthedollarismuchstrongerthanthelocalcurrency.©JochenTack/imageBROKER/REX/ShutterstockPriceEscalation5of5MiddlemanandTransportationCostsChanneldiversityimpactsexportingcostsVaryingchannellength,marketingpatterns,anddistributioninfrastructurequalityCostsdifficulttoanticipateNoconvenientsourceofdataonmiddlemancostsInternationalmarketermustrelyonexperienceandresearchSampleEffectsofPriceEscalationASpiralEffectHigherpricesleadtolowersalesLessturnoverformiddlemenMiddlemeninsistonhighermarginstodefraycostsCompanymustraisepricesConfinessalestolimitedsegmentofmarketOnlywealthycustomersabletobuyproductLow-incomeconsumerspricedoutofmarketApproachestoReducingPriceEscalation1of3LoweringCostofGoodsLoweredcostofmanufacturingimpactsentirechainManufactureinthirdcountrywithlowlaborcostsEliminatecostlyproductfeaturesLoweringTariffsReclassifyproductintolowercustomsclassificationDifferentclassificationshavedifferenttariffratesProductcanbemodifiedorrepackagedtofitclassificationCustomsClassificationsandTariffsHughJackmanportrayingWolverine,anX-MenfictionalcharacterfromMarvelEnterprises.AtariffclassificationissuearosewhenthecompanydeclaredtheimportedtoycharactersasnonhumantoysandU.S.Customssaidthattheywerehumanfiguredolls—tariffsondollsatthattimewere12percentversus6.8percentfortoys.U.S.CustomsallegedthattheX-Menfigureswerehumanfiguresandthusshouldbeclassifiedasdolls,notfiguresfeaturinganimalsorcreatures,whichwouldmeanthattheycouldbeclassifiedastoys.Productclassificationsarecriticalwhentariffsaredetermined.©AttilaDory/20thCenturyFox/MarvelEntGroup/Kobal/REX/ShutterstockApproachestoReducingPriceEscalation2of3LoweringDistributionCostsShorterchannelskeeppricesundercontrolFewermiddlemenmarkups;maymeanloweroveralltaxesUsingForeignTradeZonesFreetradezonesAddedcharges,taxes,andtariffscanbeavoidedFinalpriceofproductnotashigh;morecompetitiveApproachestoReducingPriceEscalation3of3DumpingTwoapproachestodumpinginternationalshipmentsSoldatpricebelowcostofproductionSoldinforeignmarketbelowpriceofsamegoodsinhomemarketHighlyregulatedpricingapproachWTOrulesallowforimpositionofadutywhengoodsaredumpedCountervailingdutyorminimumaccessvolume(MAV);restrictsamountcountrywillimportofgoodLeasinginInternationalMarkets1of2BenefitsofLeasingOpensdoortolargesegmentofmarketNominallyfinancedfirmsunabletobuybutabletoleaseEasesriskofsellingnew,experimentalequipmentBettermaintenanceandserviceonoverseasequipmentEquipmentleasedandinusehelpssellothercompaniesinthatcountryRevenuemorestableovertimethandirectsalesLeasinginInternationalMarkets2of2DisadvantagesofLeasingInflationLeasingattractiveincountriespronetospiralinginflationProblematicwhencontractincludesmaintenanceorsupplyparts;canleadtoheavylossesnearendofcontractperiodCurrencydevaluationExpropriationPoliticalrisksCountertradeasaPricingTool1of3CountertradeApricingtoolthatinternationalmarketersshouldemployWillingnesstocountertradeisacompetitiveadvantageAlsoknownasabarterCountertradeasaPricingTool2of3ProblemsofCountertradingDeterminingthevalueandpotentialdemandofgoodofferedaspaymentisachallengeWaystoovercomechallengeConductpreliminaryresearchpriortocountertradeUseabarterhouse;theyspecializeintradinggoodsacquiredthroughcountertradingagreementsCountertradeasaPricingTool3of3TheInternetandCountertradingMaybecomemostimportantvenueforcountertradingSeveralbarterhouseshaveauctionsitesInternetexchangesareexpandingtoincludeglobalbarterElectronicbartereconomywithauniversale-dollarPriceQuotationsNecessaryComponentsCleardescriptionofwhoisresponsiblefortransportationofgoods,includingwhopaysandfromwhichpointSpecificationofcurrencytobeused,creditterms,andthetypeofdocumentationrequiredDefinitionofquantityandqualityAdministeredPricing1of3AdministeredPricingAnattempttoestablishpricesforanentiremarketPricesmaybearrangedthroughthecooperationofcompetitors;national,state,orlocalgovernments;orinternationalagreementGoalistoreduceoreliminateimpactofpricecompetitionLegalityofagreementsvariesfromcountrytocountryandfromtimetotimeAdministeredPricing2of3CartelsManycompaniesproducingsimilarproductsworktogethertocontrolmarketsforgoodsandservicestheyproduceUnabletomaintainmarketcontrolforindefiniteperiodsGreedbycartelmembersweakenscontrolLegalityofcartelsisnotclearlydefined;variesbycountryTheOrganizationofPetroleumExportingCountries(OPEC)Oilpricesquadrupledinthemid-1970sbecauseofOPEC’scontrolofsupplies.The$100+perbarreloilyouseeinthispicturewascausedbyburgeoningdemandinChinaandaroundtheworldin2008.PertaminaistheIndonesiannationaloilcompany.IndonesiaterminateditsmembershipinOPECin2009.Circa2015,priceshaddroppedtobelow$50perbarrelbecauseofslackeningdemandworldwideandnewproductionintheUnitedStates.©BagusIndahono/EPA/REX/ShutterstockDiamondCartelTheDeBeerscompanyisoneoftheworld’slargestcartels,andforallpracticalpurposes,itcontrolsmostoftheworld’sdiamondsandthusisabletomaintainartificiallyhighpricesfordiamonds.OneofthewaysinwhichitmaintainscontrolisillustratedbyarecentagreementwithRussia’sdiamondmonopoly,inwhichDeBeerswillbuyatleast$550millioninroughgemdiamondsfromRussia,orabouthalfofthecountry’sannualoutput.BycontrollingsupplyfromRussia,thesecondlargestproducerofdiamonds,theSouthAfricancartelcankeeppriceshigh.©WillRagozzino/BFA/REX/ShutterstockAdministeredPricing3of3Government-InfluencedPricingEstablishmarginsSetpricefloorsandceilingsRestrictpricechangesCompeteinthemarketGrantsubsidiesActasapurchasingmonopsonyorsellingmonopolyEncouragebusinessestocolludeinsettingmanipulativepricesGettingPaid:ForeignCommercialPayments1of6BasicArrangementsLettersofcreditBillsofexchangeCashinadvanceOpenaccountsForfaitingGettingPaid:ForeignCommercialPayments2of6LettersofCreditAffordgreatestdegreeofprotectionforsellerBuyers’creditriskshiftedtothebankissuingtheletterBuyercannotalteragreementwithoutpermissionMustbeexactintheirtermsandconsiderationsGettingPaid:ForeignCommercialPayments3of6BillsofExchangeAlsoknownasdollardraftsSellerassumesallris
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