Theme One 4.0 / 5 based on 2 ratings ? BusinessTopic 3A2/A-levelEdexcel Created by: Alexandra_GraceCreated on: 18-05-16 21:50 Design Mix Function, aesthetic and cost 1 of 11 Promotion Activities designed to communicate with the market thereby increasing visibility and sales of a product. 2 of 11 Elements of the Promotion Mix Public relations, branding, merchandising, sales promotions, direct selling and advertising. 3 of 11 Price The amount of money that the customer has to pay to receive the good or service. 4 of 11 Cost Plus A percentage mark up is added to the cost of producing a product to calculate the selling price. 5 of 11 Price Skimming Setting a high price initially for a new product in order to recoup costs and gradually decreased over time. 6 of 11 Price Penetration Setting prices low in order to break into a new market. 7 of 11 Predatory Pricing Large firms will set their prices low in order to force smaller businesses out of the market. 8 of 11 Competitive Pricing Prices are based on the prices charged by competitors. 9 of 11 Psychological Pricing Setting prices to sound cheaper than it is - £9.99 instead of £10 10 of 11 Ways To Build A Brand USP, Advertising, Sponsorship, Use of social media. 11 of 11
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