Price 0.0 / 5 ? Business StudiespriceASOCR Created by: hed08joykCreated on: 06-02-14 10:28 what determines price? price elasticity, demand, product quality, pricing strategy 1 of 10 Pricing strategies cost-plus, contribution, discrimination, promotional, pyschological, skimming, penetration, loss leading, predatory 2 of 10 Cost plus pricing cost plus pricing ensures a profit is made on the profit, ADDING A CERTAIN AMOUNT TO THE COST OF A PRODUCT TO DETERMINE THE PRICE 3 of 10 contribution pricing setting a price to cover at least the direct costs 4 of 10 price discrimination charging different prices to different customers for the same product 5 of 10 promotional pricing setting a price to satisfy a particular promotional activity (where a product is sold for a short period at a very low price to attract consumers) 6 of 10 pyschological pricing setting a price that suggest to consumers that the product is mucher cheaper than it actually is £9.99 instead of £10 7 of 10 price skimming setting a high price for a new product (used when products are first introduced into the market) 8 of 10 penetration pricing setting a low price for a new product (when products are first introduced, opposite to skimming because of the low price) 9 of 10 predatory pricing setting low prices to force out competition of the market 10 of 10
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