ILO:
Price
● pricing strategies
● influences on pricing strategies: technology, competition, market segments, product life cycle.
Price
● pricing strategies
● influences on pricing strategies: technology, competition, market segments, product life cycle.
Starter
“Three friends decide to split the bill after a meal at a restaurant. The waiter says the bill is £30, so each guest pays £10. “Later the waiter realises the bill should only be £25. To rectify this, he takes £5 from the amount to return to the group.
“On the way to the table, the waiter realises that he cannot divide the money equally. As the customers didn't know the total of the revised bill, the waiter decides to just give each of the three friends £1 and keep £2 for himself.
“Each guest got £1 back: so now each guest only paid £9; bringing the total paid to £27. The waiter has £2. And £27 + £2 = £29 so, if the guests originally handed over £30, what happened to the remaining £1?”
solution
“On the way to the table, the waiter realises that he cannot divide the money equally. As the customers didn't know the total of the revised bill, the waiter decides to just give each of the three friends £1 and keep £2 for himself.
“Each guest got £1 back: so now each guest only paid £9; bringing the total paid to £27. The waiter has £2. And £27 + £2 = £29 so, if the guests originally handed over £30, what happened to the remaining £1?”
solution
Pricing Strategies
Consider the following info-graphic. What different pricing strategies are you aware of - "Race to a million".
What is meany by high margin, lower volume pricing strategies in contrast with the lower margin, higher volume? Give examples of these strategies.
Key term - economies of scale
What is meany by high margin, lower volume pricing strategies in contrast with the lower margin, higher volume? Give examples of these strategies.
Key term - economies of scale
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Influences: Competition
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Explain how competition can influence a businesses pricing strategy?
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How can companies reduce the impact of competition on prices?
Why Apple Products Are So Expensive | So Expensive
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Influences: Market Segments
What are the different ways you can segment a market?
How will the characteristics of these markets influence pricing?
How will the characteristics of these markets influence pricing?
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Influences: TechnologyWhat has been the influence of the internet on prices overall? Explain your answer
How has the internet influenced how you shop? Has the internet influenced the pricing of all G/S the same? Why? https://www.pricehistory.co.uk/ Related articles: Black Friday deals ‘not all they seem,’ shoppers warned |
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