Pricing strategies Flashcards
1
Q
Psychological
A
Price is chosen using customer emotions E.G £9.99
2
Q
Competitive
A
Price is based off competitors pricing
3
Q
Predatory
A
Price is low to drive competitors out of the market
4
Q
Penetration
A
Price starts low then increase to high price
5
Q
Price skimming
A
Price starts high then decrease to low price
6
Q
Cost Plus
A
Price is dependent on production costs and desired profit margin
7
Q
What is dynamic pricing?
A
Dynamic pricing is a pricing strategy in which businesses set flexible prices for products or services based on current market demands
