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344
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10 Jul 2022
•
Brandon
@brandon_tyyc
This pricing strategy guide explores various pricing methods, their benefits,... Show more
This page delves deeper into penetration pricing and other pricing strategies, including predatory and psychological pricing. It also discusses factors that determine pricing strategies and the impact of social trends on pricing.
Penetration Pricing
Definition: Penetration pricing strategy involves setting low initial prices for new products to encourage sales and market penetration.
Example: Penetration pricing for fast moving consumer goods example could include a new brand of cereal offering introductory low prices to gain market share.
Benefits:
Drawbacks:
Highlight: Penetration pricing advantages and disadvantages include rapid market entry but potential profit loss.
Predatory Pricing
Used in oligopolies or monopolies to deter new market entrants or push out competitors.
Benefits:
Drawbacks:
Psychological Pricing
Involves pricing strategies that appeal to consumer perceptions, such as pricing at £1.99 instead of £2.
Example: Luxury car brands might use higher prices as part of their appeal, avoiding just-below pricing strategies.
Benefits:
Drawbacks:
Factors Determining Pricing Strategy
This final page discusses how online sales and price comparison sites have affected pricing strategies in the modern business environment.
Online Sales Impact
Online retailers often offer lower prices than brick-and-mortar stores due to lower overhead costs.
Highlight: Many customers now practice "showrooming" - examining products in physical stores but purchasing online at lower prices.
Dynamic Pricing
Online retailers frequently employ dynamic pricing, constantly updating prices based on competitor offerings.
Definition: Dynamic pricing is the practice of flexibly changing prices based on market demand and competition in real-time.
Price Comparison Sites
These sites allow customers to easily compare prices across multiple retailers.
Example: A consumer shopping for a new television might use a price comparison site to find the best deal across various online and physical retailers.
Impact on Pricing Strategies
The rise of online sales and price comparison tools has led to:
Highlight: Businesses must now consider their online presence and pricing strategy as integral parts of their overall marketing and sales approach.
This page introduces various pricing strategies and their implications for businesses. It covers the definition of pricing, factors influencing pricing decisions, and several specific pricing strategies.
Pricing Definition and Strategy
Pricing is the process of selecting a pricing strategy when setting prices for products or services. A pricing strategy is part of a business's medium to long-term plan and should align with overall business objectives. Factors influencing pricing strategy include the product or service itself, market competition, and business aims.
Definition: Cost-plus pricing is a strategy where the total product cost is calculated, and a fixed profit percentage is added.
Cost-Plus Pricing Strategy
Benefits:
Drawbacks:
Highlight: Cost-plus pricing advantages and disadvantages include simplicity in application but potential market misalignment.
Skimming Price Strategy
This strategy is used for new product launches, especially in technology or innovative markets with few competitors.
Example: A price skimming approach might be used for a new smartphone model, setting a high initial price to capitalize on early adopters before gradually lowering it.
Benefits:
Drawbacks:
Competitive Pricing Strategy
Pricing products or services in line with competitors, forcing differentiation on non-price factors like quality or service.
Highlight: Competitive pricing examples are common in markets with similar products, such as gasoline or basic groceries.
Benefits:
Drawbacks:
Vocabulary: Competitive pricing formula refers to the method of setting prices based on market rates and competitor prices.
App Store
Google Play
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
Brandon
@brandon_tyyc
This pricing strategy guide explores various pricing methods, their benefits, drawbacks, and factors influencing pricing decisions. It covers cost-plus, skimming, competitive, penetration, predatory, and psychological pricing strategies, as well as the impact of online sales and price comparison sites on... Show more
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This page delves deeper into penetration pricing and other pricing strategies, including predatory and psychological pricing. It also discusses factors that determine pricing strategies and the impact of social trends on pricing.
Penetration Pricing
Definition: Penetration pricing strategy involves setting low initial prices for new products to encourage sales and market penetration.
Example: Penetration pricing for fast moving consumer goods example could include a new brand of cereal offering introductory low prices to gain market share.
Benefits:
Drawbacks:
Highlight: Penetration pricing advantages and disadvantages include rapid market entry but potential profit loss.
Predatory Pricing
Used in oligopolies or monopolies to deter new market entrants or push out competitors.
Benefits:
Drawbacks:
Psychological Pricing
Involves pricing strategies that appeal to consumer perceptions, such as pricing at £1.99 instead of £2.
Example: Luxury car brands might use higher prices as part of their appeal, avoiding just-below pricing strategies.
Benefits:
Drawbacks:
Factors Determining Pricing Strategy
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This final page discusses how online sales and price comparison sites have affected pricing strategies in the modern business environment.
Online Sales Impact
Online retailers often offer lower prices than brick-and-mortar stores due to lower overhead costs.
Highlight: Many customers now practice "showrooming" - examining products in physical stores but purchasing online at lower prices.
Dynamic Pricing
Online retailers frequently employ dynamic pricing, constantly updating prices based on competitor offerings.
Definition: Dynamic pricing is the practice of flexibly changing prices based on market demand and competition in real-time.
Price Comparison Sites
These sites allow customers to easily compare prices across multiple retailers.
Example: A consumer shopping for a new television might use a price comparison site to find the best deal across various online and physical retailers.
Impact on Pricing Strategies
The rise of online sales and price comparison tools has led to:
Highlight: Businesses must now consider their online presence and pricing strategy as integral parts of their overall marketing and sales approach.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This page introduces various pricing strategies and their implications for businesses. It covers the definition of pricing, factors influencing pricing decisions, and several specific pricing strategies.
Pricing Definition and Strategy
Pricing is the process of selecting a pricing strategy when setting prices for products or services. A pricing strategy is part of a business's medium to long-term plan and should align with overall business objectives. Factors influencing pricing strategy include the product or service itself, market competition, and business aims.
Definition: Cost-plus pricing is a strategy where the total product cost is calculated, and a fixed profit percentage is added.
Cost-Plus Pricing Strategy
Benefits:
Drawbacks:
Highlight: Cost-plus pricing advantages and disadvantages include simplicity in application but potential market misalignment.
Skimming Price Strategy
This strategy is used for new product launches, especially in technology or innovative markets with few competitors.
Example: A price skimming approach might be used for a new smartphone model, setting a high initial price to capitalize on early adopters before gradually lowering it.
Benefits:
Drawbacks:
Competitive Pricing Strategy
Pricing products or services in line with competitors, forcing differentiation on non-price factors like quality or service.
Highlight: Competitive pricing examples are common in markets with similar products, such as gasoline or basic groceries.
Benefits:
Drawbacks:
Vocabulary: Competitive pricing formula refers to the method of setting prices based on market rates and competitor prices.
App Store
Google Play
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
