The Marketing Mix: Price

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  • Created by: bobochen
  • Created on: 10-09-17 14:44
Cost-plus Pricing
Unit cost of the product+a profit mark-up
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Competitive Pricing
The price is the same as or just below the price of the competitor's products to try to capture more of the market.
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Psychological Pricing
The price is set to match the consumer's expectations and perceptions of the product.
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Price Skimming
The price is set high for a new product on the market.
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Penetration Pricing
The price is set lower than competitor's prices to enter a new market and gain market share.
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Promotional Pricing
The price is set at a low level for a short time period.
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Price elasticity
A measure of the responsiveness of demand following a price change.
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Price Elasticity demand
Demand changes by greater proportion than price change.
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Price Inelastic Demand
Demand changes by a smaller proportion than price change.
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Other cards in this set

Card 2

Front

The price is the same as or just below the price of the competitor's products to try to capture more of the market.

Back

Competitive Pricing

Card 3

Front

The price is set to match the consumer's expectations and perceptions of the product.

Back

Preview of the back of card 3

Card 4

Front

The price is set high for a new product on the market.

Back

Preview of the back of card 4

Card 5

Front

The price is set lower than competitor's prices to enter a new market and gain market share.

Back

Preview of the back of card 5
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