This lesson includes a PowerPoint and a worksheet and covers:
a) Types of pricing strategy:
cost plus (calculating mark-up on unit cost)
price skimming
penetration
predatory
competitive
psychological
b) Factors that determine the most appropriate pricing strategy for a particular situation:
number of USPs/amount of differentiation
price elasticity of demand
level of competition in the business environment
strength of brand
stage in the product life cycle
costs and the need to make a profit
c) Changes in pricing to reflect social trends:
online sales
price comparison sites
Written by Sarah Hilton for Revisionstation
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