Costs in Internatıonal Marketıng and Theır INCOTERMS n Product Prıcıng

Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
INCOTERMS® Costs in Internatıonal Marketıng and Theır
Effects on Product Prıcıng
Enterprises tend to welcome competitors and determine fair price by
analysing all factors which have effects on price except for the items
mentioned below while customers are interested in the last price of the
product apart from service, quality, satisfaction and requirement level for
the product put on market. Among the factors affecting price, the types of
delivery terms (International Commercial Terms-Incoterms ) have a large
share on the acquisition cost of products in international marketing for
customers. That is why, it is necessary that the Incoterms provisions be
known well, and that its costs be taken into consideration for international
commercial products by enterprises.
In this regard, this study dealt with approaches to product pricing, and also
investigated effects of cost distribution between buyers and sellers on
prices under the Incoterms rules. And exports from Turkey to both Russia
and Brazilia were analyzed according to the Incoterms costs here.
Key Words: International Marketing, Incoterms®, Incoterms® Costing, Product
1. Introductıon
Considering international trade processes is important of profitness and customer
expectations in determining the price of a product to be presented in international
market. In this regard, it requires foreign trade processes to be well-known, and cost,
damage and risk responsibilities to be used in price determination. As it is known,
foreign trade means a whole process from the sale offer to the arrival of goods to
customers, from domestic trade to more risk and professional situations. Procedures
in export and import customs, international shipment, insurance and payment
systems are more extensive than domestic trade, and these are advanced process
items of foreign trade.
In determination of product sale prices in international marketing, risks and costs
associated with international transportation are significant things. In accordance with
customer demands and sale strategies, delivery types and delivery places of goods
affect product price. Traditionally, the price which is determined by adding profit into
costs of obtaining a product, is principally made in accordance with the internal
market and transformed into the export price by adding international risks and costs
in accordance with the types of delivery. Here, at this point, it is necessary to know
the distributions of risk and responsibility associated with international delivery well,
Yunus CERAN, Associate Professor Doctor, Selcuk University,Turkey.
Email: [email protected]
Ali ALAGÖZ, Associate Professor Doctor, Selcuk University, Turkey.
Email: [email protected]
Metehan ORTAKARPUZ, Lecturer, Selcuk University, Turkey.
Email: [email protected]
Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
in order to meet customers’ expectations on price and obtain competitive advantages
on market in addition to the traditional and modern techniques of price determination.
Understanding Incoterms® rules in foreign trade correctly and incompletely by firms
has a vital importance of catching the most appropriate market price and managing
commercial risks.
In this study, Incoterms® rules will be put into consideration, and Incoterms® costs
will be dealt in terms of exporters and importers. It has been researched to annwer
the questions of how the costs given in accordance with the Incoterms® will affect the
final price, which the delivery types will be acceptable in which situation. Also,
focusing on the traditional and modern pricing approaches associated with the
pricing process, it has been aimed to keep lights on enterprises exporting.
2. Internatıonal Marketıng and Reasons of Tendency Internatıonal
The purpose of marketing can be defined as bringing solutions to problems of
possibly chosen customers, not selling goods. For a marketing staff, goods or
service is an instrument for solving the customer’s problem.
International marketing can be also defined as implementing one or more activities
which exceed national borders, of obtaining information about market, developing,
pricing and distributing any product. In a more general definition, international
marketing includes performing all functions in many countries (Kırdar, 2005: 233).
In addition that there is a relation between international trade and international
marketing, terms used for both definitions are synonymous with each other.
International trade involves various functions of marketing. But the big part of such a
trade takes international marketing management out of context. With the statement
of marketing management, the management of an international marketing
programme for a firm is given, homewer, with the statement of world trade, it is
stated that more, less or no active marketing management is practised, purchase
and sale activities are included, and goods are exchanged more.
As sale is a ring of marketing chain, export is a part of international marketing
works. When a product made in the country is sent to abroad, foreign exchange, a
currency having international validity enters in return for this, which leads to export.
Services such as transportation, banking, construction presented on international
market in return for foreign exchange are included in export (Kırdar, 2005:234).
The first concept to be characterized about the enterance into international markets
is export and export varieties.
Export; is to determine potential customers within the market of another country,
make sale of any product and let consumers have products.
Indirect Export; is to export goods of an enterprise through mediators working in the
Direct Export; is to realize export activities using various methods by themselves for
Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
3. Internatıonal Commercıal Terms (Incoterms®)
When international commercial contracts are not designed as required,
disagreements increase. In such legal relations, the parties which are present in
different states and subjected to different legal systems, are encouraged to be stuck
to permanent practices in order to minimize disagreements (Caner, 2012: 224).
The efforts which were directed to organize different dimensions of international
commerce started in England in the 19th century and took a shape there in the 20th
century, obtained a peculiar type of legal regime. Incoterms® (International
Commercial Terms) had a position based on the contract freedom in this regime, by
means of being systematically updated, increasing its effects until today (Caner,
Incoterms® eliminated possible problems between buyers and sellers when still in
agreement and brought clarity to the parties’ rights and responsibilities (Özyavuz,
2012: 1). Incoterms® rules were designed in order to avoid possible disagreements
from contracts due to different commercial implementations in effect within the
parties’countries. (Caruntu and LapuduĢi, 2010: 99).
The purpose of Incoterms® is to prevent misunderstanding each other while
determining costs, risks and responsibilities on freight delivery for buyers and sellers
(Murray et al. 2007: 10-11). When ICC (International Chamber of Commerce) put
these rules into effect, it brought a newish approach to relations arranged in national
legal norms. This development made the arrangement of international contracts
simple, also became the first serious initiative for providing legal security of business
proceedings. (Caner, 2012: 224).
Incoterms® 2010 terms are shown at Table 1, as terms representing sellers’
responsibilities in export (departure) country and terms representing the end point for
their responsibilities in import (arrival) country.
Table 1: Incoterms®2010 – Delivery Responsibilities between Buyers and
E Category
EXW – (Ex
F Category
FCA – (Free Carrier)
FOB – (Free on
Resource: Malfliet, 2011: 165
C Category
CIF– (Cost,
D Category
DAT – (Delivered At
DAP – (Delivered At
Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
The other important point of Incoterms® rules is an item being for cost determination
firstly considered by buyers and sellers. The first proceeding is to estimate costs
while planning import and export. If this cost estimation is made correctly, the result
from foreign trade becomes so right. As stated in the Incoterms® 2010 book,
“Incoterms® regulates damage” (Incoterms, 2011: 10). Here, the point to be
considered is duty distribution and just then cost share.
Incoterms® rules determine risk and expense distributions associated with the
proceedings for delivery of goods mentioned above. At Table 2, the risk and expense
distributions are given in accordance with buyers and sellers.
Table 2: Incoterms®2010 – Duty And Expense Distributions between Buyers
and Sellers
Resource:, 2011: 1.
When Incoterms® rules are put in order from the term means a seller having the least
responsibility and cost to the term means a seller’s utmost responsbilities, firstly the
term of “E” group is “EXW”, the terms of “F” group, the terms of “C” group follow this
order, respectively, and the terms from “D” group are finally represented as “DDP”.
Incoterms® terms set rules with regard to the transportation types of highway, airline,
railway and maritime. There are total 11 delivery types classified into two main
groups under Incoterms® 2010. As the first one of these groups is delivery types
involving all transportation types (EXW, FCA, CPT, CIP, DAT, DAP, DDP), there are
delivery types (FAS, FOB, CFR, CIF) including rules peculiar to maritime and
intercoastal transportation in the second group. These delivery types are only used
in maritime (Yılmaz et al., 2011: 3823).
Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
5. Product Prıcıng
Price is a materialistic value given on a product when considering product quality, its
cost and image, market structure, competitors and consumers’ abilities to pay. In
addition to this value, discounts, credits and payment conditions are dealt in the
product price, and especially the delivery types in pricing export product and the
costs regarding this are considered as well. (Ceran, 2009:166).
Enterprises follow price policies based on costs, markets, competitions and
decisions as a price policy. Cost accounting is included in pricing by providing
important information about active price policies. A decision-based price policy is
given at the following figure for marketing decisions based on cost information in
terms of the marketing accounting relation (Ceran and Inal, 2004: 76-77).
Figure1: Decision-Based Price Policy
Cost-Based Price
Price Policy
DecisionBased Price
CompetitionBasedPrice Policy
Resource: Ceran and Ġnal, 2004: 77.
When analyzed the price policies, it is seen that the following pricing strategies are
5.1. Cost-Based Pricing
Profit per unit is diffrence between sale price and cost of a product. Pre-criteria of a
product, cost and profit should not be for the marketing and sales department and
any effect should not be on these items (Ceran and Ġnal, 2004: 77-78).
Cost Plus Pricing and Target Pricing : In cost plus pricing, the sale price is
determined adding a certain rate of profit into costs as a general formula.
Cost = X
Profit Rate= Y
Possible Sale Price = X + Y
For instance, for an export product (weeping pipe) having unit meter cost of 0,035
US dollars ($), the sale price will be 0,044$ with a profit rate of 30%. Here, the unit
profit is 0,009$.
In the above example, based on full cost, holding cost plus pricing, the sale price
may be needed to be reduced in a competitive environment of market and on
consumer reactions. If an enterprise needs to bring down the sale price below
0,040$ in accordance with market reactions and the profit margin remains to be
same, the cost is mostly required to be 0,031$. The enteprise will consider
production suitable for target cost by evaluating production processes and product
Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
5.2. Demand-Based Pricing
In order to apply this method, the basic information for price-demand relations must
be obtained (Ġslamoğlu, 2006: 340). Hereby, the main point is to determine what
amount to be ssold at different prices (Badem and Fırat, 2011:88).
5.3. Competition-Based Pricing
Cost based pricing and demand based pricing do not consider competition in market
enough. For this reason, enterprises note cost and demand, and tend to determine
prices based on competition (Ceran, 2009:175). In competition based pricing, an
enterprise determines its price in accordance with the product position of rivals in
target market (Ġslamoğlu, 2006: 341-342). Competition-based pricing is done when
considering the prices of rivals in dependency on market (Ceran, 2009: 175-176).
5.4. Benefit-Based Pricing-Target Pricing (Price Minus Pricing)
Target price, a method based on target cost is a pricing approach which becomes
evident since traditional systems of cost accounting and traditional approach of cost
plus pricing are not enough in making administrative decisions. Target pricing is
based on the fact that prices are determined by market, not enterprises due to the
changing conditions of competition (Ceran, 2009: 176). Price and benefit have a
certain relation with each other. The highest benefit perceived by customers needs
to exceed the highest price in competitive oriented comparison. This stuation can be
formulated so; ∆Benefit / ∆Price > 1 (Ceran and Ġnal, 2004: 78).
Achievable Price on Market
(Target Cost )
Target Profit
(As % in Price )
= Target Cost
5.5. Benefit by the end-Based Pricing
Service provider attempts to optimize having benefits from the full capacity with the
usage of return management. This type of understanding includes pricing
differentiation and suggests benefiting with still non-limited capacities to reduce
prices (Ceran and Ġnal, 2004: 79).
6. Effect of Incoterms® Costs on Product Prıcıng
6.1. Relation between Incoterms® and Product Pricing
In accordance with the distribution of Incoterms® costs, export costs are presented
adding to the relevant product price and determining the sale price. After pricing
policies are determined, the stage for the determination of sale price is started. This
stage must include all costs from product cost at factory to price for consumers
before clarifying the delivery type. All items must be considered in export price one
by one and the sale price must be specified in accordance with Incoterms® costs.
The items for export price are as follows (Benli, 2006: 31);
a. Factory cost of product
b. Profit of producer
c. Packing and Marking
Ex-Works (Exw) Price
d. Freight on factory
e. Transportation to ports, railways, airlines or highway trailer/container fields
Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
f. Fees for port, railway, airline, terminal usage
g. Documentation fees (bill of lading etc.)
h. Customs expenses
FOB price
i. Insurance premium and draft expense
j. International freight fees in maritime, airline, railway or highway transportation
k. Fees for port, railway, airline, terminal usage
CIF price
l. Discharge fees at arrival
m. Customs taxes and other payments
n. Fees of customs clearance
o. Arrival to importer’s warehouse
6.2. Pricing with Incoterms® Costs – Practical Applications
For the weeping pipe to be exported from Turkey to Russia, considering export time,
the reflection of Incoterms® costs on price is estimated. With target costing and
target pricing policies, the delivery types are given in such a way in accordance with
their costs for this export product having factory output price below 0,040$.
Table 3: Estimation of Incoterms® Costs and Pricing – Practical Application-1
Incoterms® Costs Estimation and Pricing
Incoterms® /
Unit Price
Shipping to
Target Cost
0,0300 $
Target Profit (30%)
0,0090 $
Product Factory Price
0,0390 $
Order Amount (metre)
Total Order Amount 72.150 $
Packing and Branding
1.100 $
Documentation Fees
20 $
(Etc:Certificate of Origin)
Customs Consultancy and Bodies
150 $
Sub Total 73.420 $ EXW / Konya-Turkey
0,0397 $
Freight (container)
80 $
Konya-Mersin Port shipment
870 $
Bill of Lading
65 $
Using port and free on board
275 $
Sub Total 74.710 $ FOB / Mersin Port
0,0404 $
International Freight
900 $
250 $
Sub Total 75.860 $
CIF / Mersin Port
0,0410 $
Using arrival port and discharging
250 $
DAT/NovorossiyskSub Total 76.110 $
0,0411 $
Customs tax/ other expenses
15.222 $
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(approximately 20%)
Internal shipment of import country
Sub Total
1.150 $
92.482 $
DDP/ KrasnadorRussia
0,0500 $
Note: Freight for this export is done into a container at 40 ft High Cube dimensions.
Shipment Route: This is realized in Konya-Mersin Port highway transportation tır containers, Mersin
Port-Russia Novorossiysk Port maritime transportation container, Russia Novorossiysk-Krasnador
highway transportation tır containers.
Since the EXW delivery type of a product is a term related with the least cost for
sellers, the lowest price is given in this term. A cost item for packing and branding
given at table is included in production costs for this product. But packing and
branding are regarded as separate cost items for some sectors and products, these
are accepted in the costs of terms with “F”.
In this example, for an enterprise which determines the sale price of factory with
target cost under 0,040$ (0,0397$), the unit costs of a product are calculated in
accordance with different types of transportation. The product costs over 0,050$ for
an importer in Russia, and there is approximately a difference of 0,010$ (0,050$0,0397$) between unit cost and sale price of a product. The most important item in
this difference is customs tax, other expenses and internal shipment in Russia with
the cost of 0,009$ approximately, approximately the cost of 0,001$ is related with the
shipment to Russia.
The remarkable point is the effect of Incoterms® costs on unit costs. In such an
export, the cost is nearly 0,001$ in accordance with CIF or DAT delivery types, its
effect on unit product price is 2,6. When estimating costs, such an interest is made in
export price, Incoterms® is determined and the offer is given to the customer.
According to market reactions and competitive conditions, the number targeted as
sale price of factory can be offered as the sale price of arrival country without
including such a cost in sale price. In this regard, the targeted profitness will change
in 30%. Since the cost will be over the targeted cost at 0,03$ approximately, the
profit rate will be reduced to 25%, the unit profit will be 0,008$. Instead of the EXW
delivery type of the target price, its determination in CIF or DAT delivery types will
give competitive advantages, and customer reactions will be positive.
But if the export volume is realized in small scales, not in such a scale, the effect of
Incoterms® costs will be more sensible. Analyzing proceedings of an enterprise
exporting the hydraulic automatic filtering system among irrigation systems seen in
the following example, this situation can be explained.
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Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Table 4: Estimation of Incoterms® Costs and Pricing – Practical Application-2
Incoterms® Costs Estimation and Pricing
Incoterms® /
Unit price
Shipping to
Profit (40%)
Product Factory Price
Order Amount (item)
Total Order Amount
17.506 $
Packing and Branding
320 $
Documentation Fees (Certificate
20 $
of Origin)
Customs Consultancy and
150 $
Bodies Fees
Sub Total
17.996 $ EXW / Konya-Turkey
4.499 $
Freight (container)
80 $
Konya-Mersin Port shipment
870 $
Bill of Lading
65 $
Using port and freight on board
275 $
Sub Total
19.286 $ FOB / Mersin Port
4.821 $
International Freight
3.950 $
350 $
Sub Total
23.586 $
CIF / Mersin Port
5.896 $
Using arrival port and
250 $
DAT/ SalvadorSub Total
23.836 $
5.959 $
Customs tax/ other expenses
4.767 $
(approximately 20%)
Internal shipment of import
500 $
country (approximately)
DDP/ SaoPauloSub Total
29.103 $
7.276 $
Note: Freight for this export is done into a container at 40 ft High Cube dimensions.
Shipment Route: This is realized in Konya-Mersin Port highway transportation tır containers, Mersin
Port-Russia Novorossiysk Port maritime transportation container, Russia Novorossiysk-Krasnador
highway transportation tır containers.
All procedings from Turkey to Brazilia are analyzed, and costs are estimated here.
Since the sale price determined for free on factory by the enterprise is 4.500$, the
enterprise has a profitness of 40%. In this situation, an offer can be given as a EXW
price. All expenses except for this are undertaken by the buyer and total cost of the
buyer is 7.276$. When Incoterms® FOB delivery type is determined for the same
export in Turkey, the sale price is 4.821$, the changing ratio between the EXW price
and FOB price is 7.17%, when Incoterms® CIF delivery type is also determined in
Turkey, the sale price is 5.896$, the changing ratio between the EXW price and CIF
price is 31,06%. When the delivery is done in Brezilia, the price for DAT term is
5.959$ and the EXW changing ratio is 32.45%, while taking on all expenses the
Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
delivery price with the DDP term in Brazilia is 7.276$, the EXW changing ratio
reaches at 61,72%.
In this sample, cost unit resulting from Incoterms® responsibility distribution
significantly affects price. When an exporter only considers his profitness without
paying attention to an importer’s cost in such a sale proceeding, that person can face
with the refusal of an offer. The importer tends to closer markets or alternative
products in order to reduce his costs since the cost of product is higher than the sale
price of factory. The enterprise can make target pricing by taking Incoterms ® costs
and sale prices of buyers on market into consideration with a view to preventing this
situation. Supposing that the price or the actual cost acceptable for market or buyers
is 6.500$, a discount of 776$ should be performed in the estimated DDP price of
7.276$ of including all expenses. In accordance with the FOB delivery types, the
price will be given as 4.046$ instead of 4.821$ if any price is required from the
Target pricing will provide advantages to enterprises for competition on market. But
an enterprise needs reviewing target profitness and target costing with this reduction.
If the cost remains the same, the possible profit will approximately reduce to 15%. If
an enterprise wants to continue target profit as 40%, the cost will be 2.350$.
Improvements with target costing will be at the rate of 25% approximately. In such a
situation, an enterprise will use the methods of target costing in items affecting cost
by considering all production processes.
7. Conclusıon
The situation of price determination is a complex process since it is affected by many
factors in international markets. These factors are consumer behaviors, competitive
situation, firms’ own cost structures and profit targets, government applications.
When fluctuations in exchange ratios are added into these factors, the pricing
proceedings are put into consideration for firms and always followed by them.
Interaction of pricing decision with other marketing elements is a remarkable
situation. According to this, marketing mix elements such as distribution channels,
product characteristics, description and promotional works must be considered, in
addition to the elements such as firm targets, costs, demands, competitions,
government policies, customs taxes and other taxes, inflation and product line.
Providing that all these considerations are made, it is observed that Incoterms®
responsibility distribution and costs have effects on the price policy in market.
Whereas enterprises must dominate on all export processes, they must participate in
price competition on market knowing the necessities of Incoterms® rules.
Target pricing as market based pricing and optimal benefit with the help of target
costing resulting from this should not be regarded not only in production process but
also in all cost items. Some cost items which are confronted from the departure of
factory to the arrival of goods to customers. Some cost items such as customs
proceedings, taxes, etc. taken because of the Incoterms® term are out of control for
enterprises. But target costing can be achieved in cost items such as international
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freight, insurance, mediating services, etc. except for these. For long-term and
periodical shipments, the costs of subscription shipment and insurance prices can be
reduced, the desirable costs can be obtained by increasing varieties of offer and
taking appropriate prices from mediators, shipping agents, firms providing
consultancy service in a competitive environment.
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