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Business - Pricing

Pricing Strategies for Business Studies

QuestionAnswer
Cost Plus The owner works out all the costs involved in selling and adds either a flat rate amount or a percentage increase. Gives Final selling price
Destroyer Pricing This is when a business prices their product so low that no other businesses can compete therefore eliminating the competition. This is Illegal
Loss Leader This is when a business sells a product at a loss in order to bring customers in to the store to then buy other things. Supermarkets often use this.
Price Skimming This involves charging more than competitors on the basis of quality and luxury. Often used when releasing new products eg Apple Watch
Price Penetration This involves deliberately charging a low price than a competitor to get their products sold in as little time as possible to get a foothold in the market
Competitive Pricing Looking at the prices of competitors and charging a similar price for the product.
Created by: charliej1