GCSE Business Studies Unit 1 Starting a Business

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Presentation transcript:

GCSE Business Studies Unit 1 Starting a Business Marketing Mix – Price

Images © thinkstockphotos.co.uk Learning Outcomes Explain and discuss pricing policies (skimming, penetration and competitor-based pricing) Evaluate pricing policies for given circumstances Analyse factors that affect price (demand, cost of production, need to make a profit, competition in the market, price that the market can bear, seasonality, quantity and inventory in hand) Analyse simple demand curves to explain the relationship between price and demand Images © thinkstockphotos.co.uk

Images © thinkstockphotos.co.uk Price Pricing Policies Skimming Competitor – based pricing Penetration Images © thinkstockphotos.co.uk

Factors that affect Price Demand for the product Cost of production Need to make a profit Competition in the market Price that the market can bear Seasonality (certain products may not be available at certain times of the year) Quantity of inventory in hand (stock available) Images © thinkstockphotos.co.uk

Relationship between Price and Demand Demand is when consumers want a product and have the money to purchase it Businesses want to know how much demand there will be for their products at different prices. Demand for a product will be higher if the price is lower. Images © thinkstockphotos.co.uk

Images © thinkstockphotos.co.uk Price and Demand Curve Price Demand ACTIVITY: (5 minutes) Explain the relationship between price and demand. Images © thinkstockphotos.co.uk

Exam Question and Check List Past paper 2016 Unit 1 - Q4 (a) – spend approx. 2 minutes completing this question. Q4 (b) – spend approx. 4 minutes completing this question. Learning Check – Do you know . . . 1. About pricing policies? 2. The advantages and disadvantages of pricing policies for given circumstances? What factors affect price? How to analyse simple demand curves to explain the relationship between price and demand? Images © thinkstockphotos.co.uk