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Flashcards and summaries for 13. the marketing mix: price at the University of Birmingham

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reasons to adapt new pricing strategies (4)

to try to break into a new market
to try to increase its market share
to try to increase its profit
to ensure all its costs are covered and a target profit is earned

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define promotional pricing

promotional pricing is when a product is sold at a very low price for a short period of time

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define cost-plus pricing

cost-plus pricing is the cost of manufacturing the product plus a profit mark-up

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cost-plus pricing involves: (3)

estimating how many units of the product will be produced
calculating the total cost of producing the output
adding a percentage mark-up for profit

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benefits of cost-plus pricing (3)

the method is easy to apply
different profit mark-ups could be used in different methods
each product earns profit for the business

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limitations of cost-plus pricing (3)

business could lose sales if the selling price is not higher than the competitor's price
a total profit will only be made if sufficient units of the product are sold
there is no incentive to reduce costs- any increase in costs is just passed on to the customer as a higher price

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define competitve pricing

competitive pricing is when the product is priced in line with or just below competitor's prices to try to capture more of the market

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benefits of competitive pricing (3)

sales are likely to be high as the price is at a realistic level and the product is not under or over priced
avoids price competition, which can reduce profits for all businesses in the industry
often used when it is difficult for consumers to tell the difference between the products of different businesses

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limitations of competitive pricing (3)

if the cost of production for a business are higher than those of competitors then the product could lead to losses being made
a high quality product might need to be sold at a price above competitor's price to give it a higher quality image
in order to decide what the price should be, detailed research would be needed into what prices competitors are changing, the research costs time and money

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define penetration pricing

penetration pricing is when the price is not lower than the competitor's in order to be able to enter a new market

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benefits of penetration pricing (3)

often used for newly developed products to create an impact with customers
it should ensure that sales are made and the new product enters the market successfully
market share should build up quickly

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methods of pricing (6)

cost-plus pricing
competitive pricing
penetration pricing
price shimming
promotional pricing
dynamic pricing

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13. the marketing mix: price at University of Birmingham

Flashcards and summaries for 13. the marketing mix: price at the University of Birmingham

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13. the marketing mix: price at University of Birmingham

Flashcards and summaries for 13. the marketing mix: price at the University of Birmingham

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