To choose a price strategy, demand, costs and profits need to first be projected. A strategy is implemented through different price tactics.
Price Strategies: Profit orientated, sales orientated, status quo (Not getting bigger or smaller).
Price Skimming: Charging a high price, often with heavy promotion.
Penetration Pricing: Charging a low price to reach mass market.
Status Quo Pricing: Charging a relatively similar price to everyone else.
RRP- The product must have been at that price in one store for at least 30 days.
Price Discrimination- Charging one price to a business and then a different to the public for example.
Predatory Pricing- Different prices at different times/different people…