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PRICING

6th Business

QuestionAnswer
Name five pricing strategies Skimming Penetration Premium pricing Loss Leader Price Discrimination
Price Skimming Charging a high price when first on the market Recouping costs -New iPhones
Penetration Pricing Charging a low price at first Undercutting competitors Helps to increase market share -Apple TV
Premium Pricing Keeping price at the high end Image of luxury Appeals to status conscious consumers -Chanel, Rolex
Price Discrimination Different prices for different customers Charge as much as each can afford -Airlines, cinema tickets, bus fares
Loss leader One product sold at below cost Attracts customers to the store Hoping for impulse buying -Own brand bread
Four factors that determine price Coverings costs Competitor prices Target market incomes Stage of product Life Cycle/demand level Government
Created by: MQueally
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