Skimming price strategy - Study guides, Class notes & Summaries

Internal/External Factors of Price - Answer-Internal Factors of Price: 1. Marketing Objective 2. Marketing Mix Strategy 3. Cost External Factors of Price: 1. Demand for your product. 2. Competition 3. Economy Price Elasticity - Answer-Elastic - Consumers buy more or less of a product when the price changes Inelastic- An increase or decrease in price will not significantly affect demand What happens to price/revenue when the demand is elastic/inelastic - Answer-Demand is... Pr...

3 internal pricing factors - Answer-1) Marketing Objectives- maximize profit, gain market share etc. 2) Marketing Mix strategy- price consistent with 3Ps 3) Costs 3 EXTERNAL pricing factors - Answer-1) demand for your product 2) competition (competitors prices, stregntgh of competition) 3) economy- cost of components, economic conditions inelastic demand - Answer-means that an increase or decrease in price will not significantly affect demand. products that do not have many substitutes...

UPenn Marketing 101 Final Exam Questions and Answers 100% Pass Dynamic Pricing - Correct Answer ️️ -Adjusting prices continually to meet the characteristics and needs of individuals and situations; setting prices for a good/service based on the demand for it at the moment based on the availability of supply Uber's Surge Pricing - Correct Answer ️️ -Higher demand causes a price multiplier to kick in, increasing rates up to 8x the original price. Model: Increase supply, decrease de...

AIPMM - CPM PRACTICE EXAM WITH CERTIFIED SOLUTIONS intangibility inseparability variability perishability - Answer ️️ -Nature and characteristic of a service Product Price Promotion Place - Answer ️️ -What are the 4 Kotler's Market Strategies? Intensity of Competitive Rivalry Threat of New Entrants Threat of Substitute Bargaining Power of Customers Bargaining Power of Suppliers - Answer ️️ -What are Porter's 5 forces? Conceive Plan Develop Qualify Launch Deliver...

MKT-315 FINAL EXAMProfit Equation - correct answer Total Revenue - Total Cost Pricing Strategy: Penetration Pricing - correct answer Low price to increase sales and market share. Pricing Strategy: Skimming Pricing - correct answer Starts out with a high price and slowly lowers it to fit the market. Pricing Strategy: Competition Pricing - correct answer Setting prices nearly equal to competitors. A cable company may start out with a low price to get subscribers. Eventually, price ...

The Four P's of Marketing - Answer-1. Product 2. Pricing 3. Place 4. Promotion The Fifth P of Marketing - Answer-Purchaser Industrial Products - Answer-Sold to a business Consumer Products - Answer-Sold to consumer Product Life Cycle - Answer-Product Development Introduction Growth Maturity Decline Market Segments - Answer-Groups of people who share one or more of the following characteristics: Geographic Demographic Psychographic Behavioral Four Pricing Strategies - Answer-1. ...

BUSML 3250 Final Exam Questions and Answers Already Passed Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process? Full- Service Retailer Today, ________ are flourishing due to the increased use of market segmentation and market targeting. Specialty Stores ________ retailers in the United States are growing faster than product retailers Service A retailer that carr...

AIPMM - CPM PRACTICE EXAM WITH CERTIFIED SOLUTIONS intangibility inseparability variability perishability - Answer ️️ -Nature and characteristic of a service Product Price Promotion Place - Answer ️️ -What are the 4 Kotler's Market Strategies? Intensity of Competitive Rivalry Threat of New Entrants Threat of Substitute Bargaining Power of Customers Bargaining Power of Suppliers - Answer ️️ -What are Porter's 5 forces? Conceive Plan Develop Qualify Launch Deliver...

GCU MKT-315 Final Profit Equation - correct answer total revenue - total cost Pricing Strategies - correct answer skimming, penetration and loss leaders Price Skimming Strategy - correct answer The organization starts out with a high price and then slowly lowers it to capture more of the market. The objective is to skimming profits one layer at a time. Price Penetration Strategy - correct answer The organization will offer a low price to increase sales and market share. Price may b...

Dynamic Pricing - Answer-Adjusting prices continually to meet the characteristics and needs of individuals and situations; setting prices for a good/service based on the demand for it at the moment based on the availability of supply Uber's Surge Pricing - Answer-Higher demand causes a price multiplier to kick in, increasing rates up to 8x the original price. Model: Increase supply, decrease demand Target Costing - Answer-Reverse engineer a product based on demand at a certain price point ...