Question and answer
describe the six pricing strategies. Identify and briefly describe a small business in your area. Which pricing strategy does this business use? Explain. Length Requirement: You should write a brief
description of each of the six pricing strategies. Add a minimum of two paragraphs to describe the small business and the pricing strategy it uses.
1. Penetration Pricing. This is giving only one set of price to fit all parts of the market, from the higher to the lower class. Its main objective is to increase sales volume and market share rather than to gain profit right away. [ By using this, you will establish reputation first then when quality is already proved, price increase in the future will no longer be questionable. 2.
Cream-Skimming. This is jacking-up prices to earn right away. Remember, a shift from high to lower prices always elicits positive response while a shift from low to higher price is always negative. Unless the market pricing trend clearly indicates, then the latter can be false. Price Management or SRP (Suggested Retail Price) This pricing strategy is one of the most beneficial to customers’ interest as this enables you to control the market trend while monitoring any offenders. Many products are already mandated by law to have a price limit. However, setting a ceiling price for a new product or service may need consultation from a certain body of government for more effective enforcement. 4. Price Lining. This pricing strategy is like putting a front act to gain attention for a new or re-branded product. It aims to make customers feel they are getting more from you. This is very good as you can promote two or more products at the same time, for free. Some common ways of price lining are: buy one take one, free sample of another product, and the most lucrative: discounts. 5. Odd Pricing. This pricing strategy uses psychology to lure buyers. This is most commonly adapted as a discount. Although this is a weak application of psychology, somehow, it works effectively. Probably customers don’t mind the pricing at all, but the fact that there is a discount. 6. Flexible Pricing. Or more commonly know as haggling. ]
Question
Asked 6/5/2012 5:01:24 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
Identify and briefly describe a small business near you. Which segmentation strategy is this business using? Explain
Weegy: You will need to pick a business you are familiar with to answer this. The easiest way to go is probably to pick quite a specialist type of business such as a shop catering to a particular interest or hobby, or perhaps a high end food business. [ You can then set out how the business targets a well defined segment of the population as its potential customers. ] (More)
Question
Expert Answered
Asked 5/29/2012 1:12:12 AM
0 Answers/Comments
is jc penny unsegmented strategy? a multi-segment strategy? a single-segment strategy? Identify and briefly describe . Which segmentation strategy is this business using? Explain
Weegy: Many famous persons have the initial J.C., like Johnny Cash, Jim Carrey, Julius Caesar, Jackie Chan, and John Cena. (More)
Question
Expert Answered
Asked 5/29/2012 6:39:00 PM
0 Answers/Comments
is jc penny unsegmented strategy? a multi-segment strategy? a single-segment strategy? Identify and briefly describe . Which segmentation strategy is this business using? Explain
Weegy: The answer is "a multi-segment strategy" because it targets a number of distinct segments in the same market and then develops a separate and distinct marketing mix for each. (More)
Question
Expert Answered
Asked 5/29/2012 6:59:16 PM
0 Answers/Comments
Are home prices impacted by property taxes
Weegy: Home prices aren't directly impacted by property taxes. However, if a person is purchasing a house, it may be cheaper to buy with one cheaper property houses in the long run, even if the house is a bit more expensive. [ Property taxes can make a house seem more costly to buy, but won't directly affect the value of the HOUSE. ] (More)
Question
Expert Answered
Asked 5/29/2012 8:11:29 PM
0 Answers/Comments
What are some common opportunity costs associated with the selection of housing
Weegy: The common opportunity cost associated with the selection of housing are ; if the position is less vulnerable to hazard, the potential of getting high rent from the house, social staus etc. User: What are the advantages and disadvantages of owning a home? Weegy: Advantages of Owning a Home: 1.When you carefully choose a house you can afford, the outcome can be significant: By paying your mortgage, you are building equity in a place ... (More)
Question
Expert Answered
Asked 5/29/2012 8:27:16 PM
0 Answers/Comments
17,112,158 questions answered
Popular Conversations
What color is rain?
Weegy: The rain does not have a color it is water. If you notice water sometimes has a blue tint because it is a ...
8/22/2014 9:13:22 AM| 3 Answers
Deaths due to lifestyle diseases have declined since the early 1900s. ...
Weegy: Deaths due to lifestyle diseases have declined since the early 1900s. This is FALSE.
8/22/2014 11:58:34 AM| 3 Answers
A valid hypothesis must be testable.
Weegy: A valid hypothesis must be testable. True.
8/22/2014 8:28:55 AM| 2 Answers
The Nautilus is a submarine
Weegy: It is NOT true that the Nautilus is a submarine. User: Nautilus Weegy: We grow in ever-broadening paradigms ...
8/22/2014 8:43:56 AM| 2 Answers
The denouement of the novel is the action following the _____ of the ...
Weegy: The denouement of the novel is the action following the falling action of the novel and moving toward the ending ...
8/22/2014 8:56:11 AM| 2 Answers
Which word in the sentence is the direct object? We met her at the ...
Weegy: The direct object in the sentence "We met her at the county fair last night" is: night
8/22/2014 9:35:39 AM| 2 Answers
Simplify 5(R + 2) - 6.
8/22/2014 11:12:48 AM| 2 Answers
8)An injured person should only be moved if __________ a. The person ...
Weegy: An injured person should only be moved if the person is unconscious.
8/22/2014 12:36:58 PM| 2 Answers
Divide 6/13 by 6/12
Weegy: 12/13 is the answer. 6/13 divided by 6/12 = 12/13 User: What is the sum of 3/8 1/16?
8/22/2014 1:01:34 PM| 2 Answers
Weegy Stuff
S
R
L
1
1
P
C
1
P
1
1
L
P
C
P
C
1
P
C
L
P
C
1
P
C
P
C
Points 1913 [Total 23513]| Ratings 2| Comments 1893| Invitations 0|Offline
S
L
1
L
Points 1512 [Total 5488]| Ratings 5| Comments 1462| Invitations 0|Online
S
L
C
P
C
1
L
L
Points 1439 [Total 15053]| Ratings 7| Comments 1369| Invitations 0|Offline
S
L
1
1
1
1
L
1
Points 1373 [Total 9080]| Ratings 2| Comments 1353| Invitations 0|Offline
S
L
P
C
L
P
C
P
C
L
P
C
P
C
P
C
Points 1218 [Total 16245]| Ratings 3| Comments 1188| Invitations 0|Online
S
L
P
C
P
C
1
L
P
C
L
P
C
P
C
P
C
P
C
Points 840 [Total 18411]| Ratings 0| Comments 840| Invitations 0|Offline
S
1
L
L
Points 466 [Total 5030]| Ratings 0| Comments 466| Invitations 0|Offline
S
1
L
1
L
P
P
L
Points 418 [Total 11079]| Ratings 1| Comments 408| Invitations 0|Offline
S
Points 311 [Total 311]| Ratings 1| Comments 281| Invitations 2|Offline
S
Points 217 [Total 228]| Ratings 3| Comments 157| Invitations 3|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.