Pricing Stragies

Question 1

Describe a suitable pricing strategy?

Answer 1

Economy strategy. This used by a wide range of businesses, this strategy is used to minimise costs accociated with marketing and production to keep product prices down.

Question 2

Describe a suitable pricing strategy?

Answer 2

Premium pricing this aims for business to set costs higher than competitors this is normally effective in early days of products life cycle. The creates value perception from consumers