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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Study with flashcards and summaries for the course 13. the marketing mix: price at the University of Birmingham

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reasons to adapt new pricing strategies (4) 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

define promotional pricing 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

define cost-plus pricing 

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Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

cost-plus pricing involves: (3) 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

benefits of cost-plus pricing (3) 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

limitations of cost-plus pricing (3) 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

define competitve pricing

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Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

benefits of competitive pricing (3) 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

limitations of competitive pricing (3) 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

define penetration pricing 

Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

benefits of penetration pricing (3) 

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Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

methods of pricing (6) 

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Exemplary flashcards for 13. the marketing mix: price at the University of Birmingham on StudySmarter:

13. the marketing mix: price

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 

13. the marketing mix: price

define promotional pricing 

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

13. the marketing mix: price

define cost-plus pricing 

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

13. the marketing mix: price

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 

13. the marketing mix: price

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 

13. the marketing mix: price

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 

13. the marketing mix: price

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 

13. the marketing mix: price

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 

13. the marketing mix: price

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 

13. the marketing mix: price

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 

13. the marketing mix: price

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 

13. the marketing mix: price

methods of pricing (6) 

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

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