BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This is selling the product and adding incentives
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Promotional pricing is when a product is sold at a very low price for a short period of time
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Promotional pricing is where a high price is set for a new product on the market
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Promotional pricing consists in promoting the product, to increase profits
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Detailed explanation-1: -Promotional pricing is a sales strategy in which brands temporarily reduce the price of a product or service to attract prospects and customers. By lowering the price for a short time, a brand artificially increases the value of a product or service by creating a sense of scarcity.
Detailed explanation-2: -Promotional pricing is a pricing method where a company temporarily reduces the price of a product or service in the interest of quickly driving sales. In many cases, those deals and discounts are supported by dedicated promotional materials or marketing campaigns.
Detailed explanation-3: -Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering. The lower price helps a new product or service penetrate the market and attract customers away from competitors.
Detailed explanation-4: -What is an example of promotional pricing? Promotional pricing can take various forms. For instance, discounts, flash sales, seasonal sales, coupons, gamified promotions, etc., are all examples of promotional pricing.
Detailed explanation-5: -Price skimming is often used when a new type of product enters the market. The goal is to gather as much revenue as possible while consumer demand is high and competition has not entered the market.