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the marketing mix: price (main methods if pricing (physiological pricing…
the marketing mix: price
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main methods if pricing
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competitive pricing
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to decide a price, research on prices competitors are charging is needed, which takes time and money
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physiological pricing
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can also involve charging a price for a product which is just below a whole number to make it look cheaper
supermarkets may charge low prices for products purchased at regular basis to give customers the impression of being given good value for money
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little sales revenue is lost by putting the price just below the price the business wants to sell the product for
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dynamic pricing
charging different consumer groups different prices for the same product, because they have different demand levels