pricing strategies Flashcards
1
Q
what are the 4 pricing strategies?
A
competitive pricing
psychological pricing
price skimming
price penetration
2
Q
What is competitive pricing?
A
when a business compare their final selling price to their competitors price to gain sales
3
Q
what is psychological pricing
A
this gives the impression products are cheaper than they actually are for example a business might sell a product for £9.99 instead of £10.00
4
Q
what is price skimming?
A
this is where a business sell their product for a high price at the beginning and lowering the price overtime
5
Q
what is price penetration?
A
this is where a business sells their product at a low price and increase it overtime
