Column 1 is a list of business terms - Leaving Cert Business - Question 1 - 2020
Question 1
Column 1 is a list of business terms.
Column 2 is a list of possible explanations for these terms.
(One explanation does not refer to any of these terms.)
1. Premiu... show full transcript
Worked Solution & Example Answer:Column 1 is a list of business terms - Leaving Cert Business - Question 1 - 2020
Step 1
Premium Pricing
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Answer
E: High prices are charged to consumers to create an impression of exclusivity/superior quality.
Step 2
Penetration Pricing
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Answer
F: A business charges a lower price than its competitors to gain a greater share of the market quickly.
Step 3
Loss Leader
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Answer
A: Below cost selling to encourage consumers to visit the retailer.
Step 4
Price Skimming
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Answer
C: In order to recover development costs a business charges a high price when a product is launched.
Step 5
Price Discrimination
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Answer
B: Charging different prices to different segments of the market for the same product or service.
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