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15 cards from this deck
Product, Price, Place, Promotion
Adding set amount/% to cost of producing/purchasing product
Simplicity - easy to calculate and guarantees profit
Low initial price to encourage customers to try new product
Launching in markets where similar items already exist
High initial price before competitors enter the market
Recover R&D costs quickly and generate high profits early
Products priced below cost to attract customers to shop
Encourage purchases of other profitable items
Setting prices similar to what rivals charge
Market forces of supply & demand determine price level
High price/quality vs low margin/high sales strategies differ
Decline phase needs lower prices than launch/high demand phase
High demand, low supply = higher prices; oversupply = lower
Typically sell fewer units as customers unable/unwilling to pay
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