Pricing Strategies

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  • Created by: Izzie
  • Created on: 02-03-18 16:58
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  • Pricing Strategies
    • The strategy chosen will depend on the market that the business is in
    • The business may be more concerned with choosing the cheaper option
    • A higher priced product may denote exclusivity & desirability
    • Elements influencing the pricing strategy
      • Number of USP's
      • Price elasticity of demand
      • Level of comp in business envt.
      • Brand strength
      • Stage in product life cycle
    • Price Comparison Sites
      • They're a driving force behind the rise of online retailing, providing more easily accessed info
      • At a glance consumers can see the range, availability & prices of goods

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