Key Term Definitions 2 Flashcards
1
Q
What is Marketing mix?
A
2
Q
What is a USL
A
A unique selling point for a business that differentiates them to their competitors
3
Q
• Competitive pricing
A
When businesses compete on pricing
4
Q
• Cost plus pricing
A
a pricing strategy by which the selling price of a product is determined by adding a specific fixed percentage (a “markup”) to the product’s unit cost
5
Q
Penetration Pricing
A
A pricing strategy where a new company enters a market by pricing lower than everyone else
6
Q
Price skimming
A
Pricing high then lowering the price later to maximise profits
