The Marketing Mix - Price

Question 0

What is competitor based pricing?

Answer 0

Competitor based pricing is setting prices based on what rivals are charging

Question 1

What factors influence the price?

Answer 1

Quality
Target market
Demand
Trends

Question 2

What is premium pricing?

Answer 2

Premium pricing is setting the price higher than similar products

Question 3

What is penetration pricing?

Answer 3

Penetration pricing is setting the products price relatively low (to attract customers) then rising the price
A START UP BUSINESS ARE LIKELY TO USE THIS ONE TO ATTRACT CUSTOMERS

Question 4

What is skimming pricing?

Answer 4

Skimming pricing is where your product starts off expensive but the price then lowers to boost sales

Question 5

What is a loss leader?

Answer 5

A loss leader is a product sold at a loss to attract customers

Question 6

What is percentage markup pricing?

Answer 6

Percentage markup pricing is adding a constant percentage to the cost price of an item

Question 7

What is cost plus pricing?

Answer 7

Cost plus pricing is where you calculate the cost to make the product then decide on the price of the product

Question 8

What is psychological pricing?

Answer 8

Psychological pricing is making the people think they are getting a bargin