Edexcel A Level Business: Paper 3
(Advanced Information) 2024 exam Quiz
Study Guide 100% Pass
price elasticity of demand - Answer>>a measure of the
sensitivity of demand to changes in price
Competitive Pricing - Answer>>When the product is priced in
line with or just below competitors' prices to try to capture more of
the market.
Cost Plus Pricing - Answer>>adding a percentage (the mark-
up) to the costs of producing a product to get the price.
, Mark-Up - Answer>>The percentage added to unit cost that
makes a profit for a business when setting the price
Penetration Pricing - Answer>>setting a low initial price on a
new product to appeal immediately to the mass market and get
established in the market. Prices might be raised once
established.
Predatory Pricing - Answer>>selling a product below cost to
drive competitors out of the market
Pricing Strategy - Answer>>The pricing policies or methods
used by a business when deciding what to charge for its products
Product Life Cycle - Answer>>describes the stages a new
product goes through in the marketplace: introduction, growth,
maturity, and decline and the sales that can be expected at each
stage.
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