1.3 .3 pricing strategies (Dynamic pricing ( the practice of varying the…
1.3 .3 pricing strategies
is the practice of price discriminating final consumers based on their personal characteristics and conduct, resulting in each consumer being charged a price that is a function – but not necessarily equal – to his or her willingness to pay.
is where you pay a fixed price every month to have access to a service. It is not an upfront payment and you can usually cancel your monthly subscription at any time
Consists of setting the price at the same level as one's competitors.
Market penetration refers to the successful selling of a product or service in a specific market, and it is a measure of the amount of sales volume of an existing good or service compared to the total target market for that product or service.
Price skimming is a pricing strategy in which a marketer sets a relatively high initial price for a product or service at first, then lowers the price over time. It is a temporal version of price discrimination/yield management.
the practice of varying the price for a product or service to reflect changing market conditions, in particular the charging of a higher price at a time of greater demand.
Business Psychology is an applied science that investigates how to make people and organisations more effective. It uses social scientific research methods to study people, workplaces and organisations in order to better align their multiple and sometimes competing needs.
Relating to or denoting a method of pricing a service or product in which a fixed profit factor is added to the costs.
is a website, where the price of a product or service is determined by the winning bid.
Low price meaning that they low ball competitor so that they have more sales
Strength of brand; strong the brand the higher price can be charged.
Products in the saturation or decline phase may be priced lower to clear stocks before a new product is introduced