Podcast
Questions and Answers
______- this refers to setting low prices to increase the price once the desired market share is achieved (e.g., mobile app-based transportation service offering reduced booking fee of ₱15 as its introductory price).
______- this refers to setting low prices to increase the price once the desired market share is achieved (e.g., mobile app-based transportation service offering reduced booking fee of ₱15 as its introductory price).
Penetration pricing
______- this refers to two or more products or services in one reduced price (e.g., 3-in-1 coffee for ₱8.00, manicure and pedicure for only ₱150).
______- this refers to two or more products or services in one reduced price (e.g., 3-in-1 coffee for ₱8.00, manicure and pedicure for only ₱150).
Bundling
______- this is the opposite of penetration pricing where prices are initially high and then they are lowered to offer the product or service to a wider market (e.g., a real estate company offering top-tier projects is now offering low cost housing of same quality to serve the middle market segment).
______- this is the opposite of penetration pricing where prices are initially high and then they are lowered to offer the product or service to a wider market (e.g., a real estate company offering top-tier projects is now offering low cost housing of same quality to serve the middle market segment).
Skimming
______- this refers to benchmarking prices with the competitors (e.g., milk tea prices are competitively priced)
______- this refers to benchmarking prices with the competitors (e.g., milk tea prices are competitively priced)
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______- this refers to pricing different products or services within a parallel product array using varying price points (e.g., LED TV is more expensive than the LCD.
______- this refers to pricing different products or services within a parallel product array using varying price points (e.g., LED TV is more expensive than the LCD.
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Which pricing strategy initially sets high prices and then lowers them to reach a wider market?
Which pricing strategy initially sets high prices and then lowers them to reach a wider market?
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What pricing strategy involves offering two or more products or services at a reduced price?
What pricing strategy involves offering two or more products or services at a reduced price?
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What pricing strategy involves setting low prices to increase market share, with the intention of raising prices later?
What pricing strategy involves setting low prices to increase market share, with the intention of raising prices later?
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What pricing strategy involves pricing different products within a product array using varying price points?
What pricing strategy involves pricing different products within a product array using varying price points?
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Which pricing strategy benchmarks prices with competitors?
Which pricing strategy benchmarks prices with competitors?
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Study Notes
Pricing Strategies
- Penetration Pricing: setting low prices to increase market share, with the intention of raising prices later (e.g., mobile app-based transportation service offering reduced booking fee of ₱15 as its introductory price)
- Bundle Pricing: two or more products or services in one reduced price (e.g., 3-in-1 coffee for ₱8.00, manicure and pedicure for only ₱150)
- Skim Pricing: initially high prices are set, and then they are lowered to offer the product or service to a wider market (e.g., a real estate company offering top-tier projects is now offering low-cost housing of same quality to serve the middle market segment)
- Competitive Pricing: benchmarking prices with competitors (e.g., milk tea prices are competitively priced)
- Product Line Pricing: pricing different products or services within a parallel product array using varying price points (e.g., LED TV is more expensive than the LCD)
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Description
Test your knowledge of pricing strategies with this quiz! Learn about bundling, penetration pricing, skimming, and more. Challenge yourself with scenarios and examples to see how well you understand these key pricing concepts.