Marketing mix- price

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  • Price
    • Competitor
      • Looks at price competitors charge to give business an indication of a price it should charge.
    • Cost-plus
      • Looks at costs of business before deciding the price of products.
    • Penetration
      • If the business is unknown to the public it needs to break into the market by reducing its price to tempt customers.
    • Skimming
      • When a business introduces a new product that is superior to its competitors it can be sold at a higher price.
    • Promotional
      • Reduction in price to either attract customers to an existing product or to sell off old products.

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