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The marketing mix: price (Pricing strategies (Main mathods (Psychological…

- - - - Charging it at a very high price so customers buy it as a status symbol
      - Charging at 0.99 than 1 so it looks cheaper.
      - Regularly bought products are charged lower giving good value for money.
      - High price due to brand image
      - Little sales revenue is lost when prices are set just below the desired price
      - Competitors doing the same will reduce its effect.
    - - Sales are likely to be high as its price is realistic
      - You'd have to research competitors' prices.
    - - Ensures sales once it enters the market
      - Low price = low profit
    - - establishes product is of good quality
      - May put off potential customers due to price
    - - Renew interest in product
      - Sales revenue is low
      - Useful for getting rid of stock
    - - Increases sales revenue
      - Increased profit
      - Used to charge 2 or more different groups different prices for the same product/service due to demand levels. it helps reflect demand levels.
      - Ensuring all seats are filled
      - High cost of constant price changes
      - Wasted time spent finding best prices(customer)