BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Promotional Pricing
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Everyday Low Price (EDLP)
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Pricing Lining
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Bundle Pricing
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Detailed explanation-1: -Everyday low pricing strategy is a price management method or tactic that enables companies, brands, and retailers to offer their customers consistently low-priced products. Instead of offering discounts, coupons, and promotions, companies focus on providing consumers with low-price products.
Detailed explanation-2: -Penetration pricing is a strategy used by businesses to attract customers to a new product or service by offering a lower price initially. The lower price helps a new product or service penetrate the market and attract customers away from competitors.
Detailed explanation-3: -Penetration pricing: price is set artificially low to gain market share quickly. This is done when a new product is being launched. It is understood that prices will be raised once the promotion period is over and market share objectives are achieved.
Detailed explanation-4: -There are many different pricing strategies, but Competitive Pricing, Cost-plus Pricing, Markup Pricing and Demand Pricing are four common methods for small business owners to use.