The Marketing Mix (LC 2027) (Leaving Cert Business): Flashcards
📚Flashcards
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10 cards from this deck
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Practise the cards
10 cards from this deck
Penetration pricing strategy
Penetration pricing strategy
Undercutting competitors' prices to gain market share quickly
Loss leader pricing
Loss leader pricing
Selling at/below cost to attract customers & boost other sales
Predatory pricing
Predatory pricing
Very low prices to drive competitors out of the market
Price skimming strategy
Price skimming strategy
Charging high prices initially to recover development costs fast
Premium (prestige) pricing
Premium (prestige) pricing
High prices for products perceived as high quality or luxury
Psychological pricing
Psychological pricing
Prices just below barriers (e.g., €4.99 instead of €5.00)
Price discrimination
Price discrimination
Charging different prices to different customer groups
Cost-plus pricing method
Cost-plus pricing method
Total production cost + standard profit percentage
Economic conditions effect on pricing
Economic conditions effect on pricing
More disposable income allows higher prices in good economy
Product life cycle impact on pricing
Product life cycle impact on pricing
Products priced differently at various stages of their life cycle