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Flashcards in The Marketing Strategy Deck (11)
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1

4 factors affecting price

-competition
-nature of product
-cost of production
-economic environment

2

Skimming pricing strategy

high price to gain profits quickly

3

Penetration pricing strategy

sets low price to a attract initial customers

4

Premium/ Prestige pricing strategy

sets high price to create image

5

Psychological pricing strategy

setting a price that seems cheaper than it really is

6

Loss leaders pricing strategy

entices customers in to a particular outlet

7

Competition based pricing strategy

sets price of goods below customers to increase sales

8

Predatory/destroyer pricing strategy

setting prices so low that new competition can't afford to compete

9

Market based pricing strategy

setting similar prices for similar products

10

Promotional pricing strategy

e.g. BOGOF, 3 for 2, 10% off

11

Cost plus pricing strategy

set price based on desired mark up