5.4 - Pricing strategies
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9 Terms
price skimming (2)
Setting a high price then lowering it over time
new innovative product
price penetration (2)
Setting a low price then increasing it over time
loyal customers in a market and brand is new
competitive pricing (2)
pricing based on what competitors are doing
highly competitive with no USP
loss leader pricing (2)
selling below cost in order to attract sales for additional products
complementary goods eg. phone charger for iphone
cost plus pricing (2)
calculating the unit cost and adding a % of profit on top
small business / start up
product portfolio
the range of different products a business sells
price elastic
demand changes following a change in price
price inelastic
demand doesn’t change following a change in price
factors that influence price (4)
business objectives
strength of brand
competitor pricing
stage in the product life cycle
Note 
Flashcards (421)