Prioritizing the Factors Influencing Pricing Strategies Formulation in Banking Service Consulting Firms Using Mccarthy Model

Abstract

The purpose of this research is the identification and ranking of the most important pricing factors and strategies and the final end is the identification of the relationships amongst the pricing strategies and the influencing factors. Regarding this research’s theoretical model, these ten factors consist of price elasticity, pricing purposes, the discounts for the intermediaries, the intermediaries’ profit margin, the legal environment, the geographical environment, competition, the costs, the demand, and the price of the other similar services. For this research, ten strategies were selected out of the marketing literature and on the other side, 60 factors which had been formerly verified by the experts were identified as the factors affecting the setting of pricing strategies. Thus, out of the whole 111 banking service consulting firms existent in the city of Tehran, 86 firms were selected randomly as the sample. The needed information was collected using questionnaires. At last, differentiating pricing, geographical pricing, and relationship pricing were identified to be the mostly used pricing methods by the banking service consulting firms. ,and certain tariffs, the image and reputation of the brand, the time period needed to supply the service, the distribution market and the selling place, and also differentiating in various areas were identified as the most important factors affecting the setting of pricing strategies.