Pricing strategies (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
11 questions from this quiz
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Practise the questions
11 questions from this quiz
What is the main characteristic of a margin strategy?
What is the main characteristic of a margin strategy?
High profit margins with lower sales
What does a volume strategy primarily aim to achieve?
What does a volume strategy primarily aim to achieve?
Much higher sales volumes
What is the fundamental trade-off in pricing strategies?
What is the fundamental trade-off in pricing strategies?
Higher margins mean fewer sales
What must businesses excel at for a high volume, low margin approach?
What must businesses excel at for a high volume, low margin approach?
Cost control & large-scale ops
How does technology influence pricing strategy?
How does technology influence pricing strategy?
It reduces production costs
What must companies determine when facing competition?
What must companies determine when facing competition?
If they can justify premium pricing
Why can strong brands command higher prices?
Why can strong brands command higher prices?
Customers associate them with quality
In cost-plus pricing, what is added to production costs?
In cost-plus pricing, what is added to production costs?
A profit margin target (e.g. 150%)
What pricing approach might new products use to gain market share?
What pricing approach might new products use to gain market share?
Penetration pricing
Which is an example of high volume, low margin strategy?
Which is an example of high volume, low margin strategy?
Tesco's value ranges
What allows businesses to tailor pricing strategies to different customers?
What allows businesses to tailor pricing strategies to different customers?
Market segmentation