MANAGEMENT

Detailed explanation-1: -1. (retailing definition) A policy or strategy of retail pricing whereby presumably low prices are set initially on items and maintained, as opposed to the occasional offering of items at special or reduced sales prices. 2.

Detailed explanation-2: -Everyday low pricing is the strategy of the retailers to set consistently low prices on the products instead of having discount events or promotional pricing. Unlike high low pricing, an edlp strategy provides the notion to the customers that they can always expect the lowest prices while making the purchases.

Detailed explanation-3: -The HL strategy is where the retailer will start with a higher price and give deep discounts in order to attract customers. On the other hand, retailers that follow the EDLP strategy keep prices very low and rarely giving price discounts.

Detailed explanation-4: -For example, two retailers may be selling the same TV. One retailer has an EDLP strategy of pricing it at $400, while the other takes a High-Low approach and initially sets the price at $600. During a sales event, the second retailer will then take the price down to around $400.

Detailed explanation-5: -Everyday low price (also abbreviated as EDLP) is a pricing strategy promising consumers a low price without the need to wait for sale price events or comparison shopping.