The Marketing Mix: Price (Leaving Cert Business): Flashcards

Monetary amount customers pay to obtain product/service

Setting elevated prices to reflect superior/high-quality perception

Initially high prices at launch, then gradually reduced

Initial prices below competitors to gain market foothold

Different customer segments pay varying prices for same product

Extremely low prices to force competitors out of market

Uses psychological impact of certain price points on customers

Covers all costs plus predetermined profit margin

Multiple products sold together at lower combined price

Selling products below cost to attract customers to store