pricing strategies Flashcards
what are the market segmentation primary
bases (4)
- geographic
- psychographic
- demographic
- behavioural
what are the 4 stages of the product life cycle
- introduction
- growth
- Maturity
~ Decline
what are the 5 consumer purchase decision processes
- problem recognition
- information search
- alternative evaluation
- purchase decision
- post purchase evaluation
what are the 5 Porters forces
supplier power
buyer power
threat of substitution
threat of new entry
competitive rivalry
what is the model of maslows heriachy of needs
model for understanding motivations for human behaviour
what is the order of Maslows Heirachy of needs
physiological needs = food, water
safety and security = health, employment, property
love and belonging = friends, family, intamacy
self esteem = confidence, achievement, being unique
self actualisation = mortality, creativity, acceptance, meaning and inner potential
what is integrated marketing communications
a theory and set of business practices that facilitate consistent messaging across channels and produce a unified brand experience for customers
what are the 3 organisation markets
- producer marketing
- reseller marketing
- institutional marketing
what is producer marketing
any or all operations which are performed by any producer in prep for market
what is reseller marketing
licensed resellers buy finished products to resell to their customers for profit
what is institutional marketing
the strategy responsible for the set of communication actions of a company with its audience - goal of strategy is to strengthen brand image
what are the 13 pricing strategies
- penetration pricing
- price skimming
- competitive pricing
- dynamic pricing
- value based pricing
- premium pricing
- promotional pricing
- psychological pricing
- bundle pricing
- freemium pricing
- loss leader
- cost plus
- geographic
what is penetration pricing
offering a lower price during is initial offering
what is price skimming
when introducing new products with no competition.
they charge a high price at first then
lower it overtime.
what is competitive pricing
focuses on existing market rate for similar products
what is dynamic pricing
Prices fluctuate based on marker and consumer demands
what is value based pricing
prices are set according to what consumers think your product is worth
what is premium pricing
intentionally higher than the average market value
increasing perceived quality of the product
is millie the best girlfriend ever
yes i love her
what is promotional pricing
brands temporally reduce the price which attracts customers
what is psychological or odd pricing
when they price at odd number to make the product seem cheaper
e.g $1.99
what is bundle pricing
2 or more products are combined to be offered at a lower price than if they were sold separately
what is freemium
free trials to test products
what is loss leader
brings customers to your store to buy a highly discounted product, while they are there they may purchase full price products
