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Download Pricing strategies in business - Lesson element - Learner task
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Transcript
Business Level 2 Unit 5 – The Marketing Plan Pricing strategies in business Businesses use a variety of different pricing techniques in order to encourage consumers to purchase products and services which in turn will increase the business profits. Task Complete the table on the following pages by providing an example for each pricing strategy, along with an advantage and disadvantage for each. Business Level 2 Task Technique Cost Plus Pricing Definition Businesses add a percentage onto the actual cost of producing the product/service which will be PROFIT for the business. Penetration Pricing A business will introduce a product/service at a lower price than the normal price to attract customers. Competition Pricing A business will charge a similar price to its immediate competitors. Price Skimming This is when a business will have a unique product and be able to charge a high price for an amount of time. Promotional Pricing A business will offer a product/service for a special limited time. Example Advantage Disadvantage
