Do you know about marketing mix? Here’s some review :
Price Marketing Mix : Price When entering the Market for the first time, pricing is something that can either 'make you or break you'. Small businesses tend to think that they need to offer really cheap prices to stand a chance of survival. That’s not the case. It all depends on what you do, what you can do and what you are willing to do. We all know about demand and supply, an abundant supply forces prices to drop because demand decreases. Taking a standard product that is available on the Market and adding something that is unique and beneficial to consumers ensures that your product has a chance. It also allows you more flexibility on Pricing.
Economic Price is kept as low as possible. A strategy most associated with Supermarkets who tend to make a very low margin on goods like tin food.
Skim This strategy is adopted by companies that have a unique product or competitive advantage and can therefore charge a high price. The strategy does not last for too long because a high price tends to open the door to competitors. This eventually results in increased supply which inevitably lowers the market price.
Penetrate This involves setting the price as low as possible in order to gain a substantial share in the market. Once this has been achieved price can be increased.
Premium Similar to Skim pricing, this strategy is popular amoung companies that offer a unique product or service. The difference between the two is that Premium pricing is usually associated with a product that satisfies a niche market.
Bundle Pricing A popular strategy where products are combined to form one package.
Value Pricing Where factors in the market force companies to lower prices to retain sales.
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