pricing strategies

• What is the definition of pricing?

  The pricing strategy a business makes when setting prices for their products or services
• What are the 6 types of pricing?

  Penetration

  Predatory

  Competitive

  Psychological

  Cost plus

  Price skimming
• What will the pricing strategy a business may use depend on?

  The product or service itself

  Competitors in the market

  Aims and objectives of the market
• What type of pricing may a business use in the introduction/launch phase?

  Price skimming - to cover research and development costs
• What type of pricing may a business use in the growth or maturity phase?

  Competitive pricing
• Why might a business price low in the maturity and decline phase?

  To clear stocks before a new product is introduced