pricing strategies Flashcards
1
Q
penetration pricing
A
businesses set low initial prices to gain market share quickly.
2
Q
price skimming
A
setting a high initial price for innovative or exclusive products and gradually lowering them over time.
3
Q
competitive pricing
A
A strategy where businesses set prices based on the prices that competitors charge.
4
Q
cost-plus pricing
A
calculating the total cost of producing a product and adding a markup to determine the selling price.
5
Q
value-based pricing
A
A pricing strategy used to charge products and services at a rate they believe consumers are willing to pay. It is based on customer perception
