The Marketing Mix: Price 0.0 / 5 ? Business StudiesThe marketing mix: priceIGCSEOther Created by: bobochenCreated on: 10-09-17 14:44 Cost-plus Pricing Unit cost of the product+a profit mark-up 1 of 9 Competitive Pricing The price is the same as or just below the price of the competitor's products to try to capture more of the market. 2 of 9 Psychological Pricing The price is set to match the consumer's expectations and perceptions of the product. 3 of 9 Price Skimming The price is set high for a new product on the market. 4 of 9 Penetration Pricing The price is set lower than competitor's prices to enter a new market and gain market share. 5 of 9 Promotional Pricing The price is set at a low level for a short time period. 6 of 9 Price elasticity A measure of the responsiveness of demand following a price change. 7 of 9 Price Elasticity demand Demand changes by greater proportion than price change. 8 of 9 Price Inelastic Demand Demand changes by a smaller proportion than price change. 9 of 9
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