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Price Strategy - Coggle Diagram

- - - - Inelastic demand
      - Superior product
      - Legal protection of product
      - Technological breakthrough
      - Limited production
  - - - Based upon first impressions
      - Provides a frame of reference
      - The concept of anchor – affects how customers perceive value
  - - - Effective in a price sensitive market
      - Tends to discourage competition
      - Lower profit per unit; requires higher volume sales to reach the break-even
- - - - When consumers respond quickly to price changes, either buying more or less of a product when the price drops or rises
    - - A situation in which an increase or a decrease in price won’t significantly affect demand for the product