BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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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: -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.
Detailed explanation-2: -Example of By Product Pricing When meat is processed for human consumption, the by product can be used as food for dog/cat. So the manufacturer can sell it in market to recover some of his expenses say transportation and storage costs. Hence, this concludes the definition of By Product Pricing along with its overview.
Detailed explanation-3: -Prestige pricing strategies and examples Example: A designer shoe company announces a new line of shoes named after a specific athlete. If the company announces a limited edition of such a shoe with a limited production run, the shoe company may charge a premium price for the same shoe.
Detailed explanation-4: -The four main pricing strategies are: premium pricing, price skimming, penetration pricing and economy pricing.