Business Studies Flashcards
1
Q
What are the five pricing strategies?
A
- price penetration
- loss leader pricing
- price skimming
- competitive pricing
- cost-plus pricing
2
Q
What’s price penetration?
A
This is where a firm charges a very low price when a new product comes out so people try it.priduct will make little profit but once the product is established and has loyal customers they firm can increase the price to increase profit
