Pricing Strategies

?
What are Pricing Strategies?
Set of plans about pricing to meet business objectives.
1 of 6
Cost plus pricing uses production costs to establish prices, how do they use to to calculate prices?
The cost of the mark up, fixed costs and variable costs equal the price that the business will put on their product.
2 of 6
Calculate the recommended retail price for an Ice Lolly if the unit cost id 50p and the mark up is 100%.
50p X 100% which equals £1
3 of 6
What are the short-term pricing strategies?
Psychological Pricing, Predatory Pricing and Partial Predatory of Loss Leader.
4 of 6
Pricing strategies which are market orientated.
Price Skimming Strategy and Penetration Pricing.
5 of 6
Alternative strategies?
Product differentiation, USP, Branding, Packaging and Advertising.
6 of 6

Other cards in this set

Card 2

Front

Cost plus pricing uses production costs to establish prices, how do they use to to calculate prices?

Back

The cost of the mark up, fixed costs and variable costs equal the price that the business will put on their product.

Card 3

Front

Calculate the recommended retail price for an Ice Lolly if the unit cost id 50p and the mark up is 100%.

Back

Preview of the front of card 3

Card 4

Front

What are the short-term pricing strategies?

Back

Preview of the front of card 4

Card 5

Front

Pricing strategies which are market orientated.

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing mix resources »