Pricing Strategies (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
A canoe costs £60 to make. With a 30% mark-up, what is the selling price using cost plus pricing?
A canoe costs £60 to make. With a 30% mark-up, what is the selling price using cost plus pricing?
£78
What is the main characteristic of price skimming?
What is the main characteristic of price skimming?
High initial price reduced over time
What is the primary goal of penetration pricing?
What is the primary goal of penetration pricing?
Rapid market entry and share growth
What is the legal status of predatory pricing in the UK?
What is the legal status of predatory pricing in the UK?
Illegal when selling below cost
What is a key advantage of competitive pricing?
What is a key advantage of competitive pricing?
Reduces risk of price wars
How does psychological pricing work?
How does psychological pricing work?
Prices just below round figures
When can a business raise prices without significantly reducing sales?
When can a business raise prices without significantly reducing sales?
When demand is price inelastic
Which pricing strategies suit the introduction stage of the product life cycle?
Which pricing strategies suit the introduction stage of the product life cycle?
Penetration or price skimming
What is dynamic pricing?
What is dynamic pricing?
Prices fluctuate based on variables
How do price comparison sites affect businesses?
How do price comparison sites affect businesses?
Increase transparency, limit pricing