marketing mix: price

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price: Buyers
see the price as the oppourtunity cost of making the purchase
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price: Sellers
for them the price represents revenue and so affects profits
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price: the government
they are concerned about prices, since they determine inflation
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price is effected by
1. market conditions 2. production costs 3. market structure 4. taxes and subsidies 5. business objectives 6. marketing mix
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short term pricing strategies
1. penetration pricing- initially low price, establishing a new product 2. market skimming-high price because of usp, maximum price there is no alternative product 3. discounts and sales-used for discontinued,unfashionable products 4.loss leader
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long term pricing strategies
1.demand-price is effected by demand 2.costs- a starting point 3.competiton-the number of competitiors influences price 4.psychological- prices to influence consumer perception (designer)
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Other cards in this set

Card 2

Front

for them the price represents revenue and so affects profits

Back

price: Sellers

Card 3

Front

they are concerned about prices, since they determine inflation

Back

Preview of the back of card 3

Card 4

Front

1. market conditions 2. production costs 3. market structure 4. taxes and subsidies 5. business objectives 6. marketing mix

Back

Preview of the back of card 4

Card 5

Front

1. penetration pricing- initially low price, establishing a new product 2. market skimming-high price because of usp, maximum price there is no alternative product 3. discounts and sales-used for discontinued,unfashionable products 4.loss leader

Back

Preview of the back of card 5
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