Business Competition CustomersPricing StrategiesNon Pricing Strategies.

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Presentation transcript:

Business Competition CustomersPricing StrategiesNon Pricing Strategies

Who are the customers? Market segments: Age Gender Income Group Geographical area Interest groups Behaviour (impulse shoppers)

Pricing Strategies Promotional Pricing: temporary price change i.e. 10% off Loss leaders: price is set lower than costs in the hope that customers also buy full price items i.e. supermarkets Penetration Pricing: low introductory price but price goes up one product is established i.e. interest magazines Skimming: high price to start, especially if there is little competition i.e. new technology Destroyer: low price to drive out the competition i.e. petrol

Non Pricing Strategies Opening hours Product range Extra faculties, i.e. toilets, bag packing Promotions I.e. BOGOF Free gifts/competitions Reward schemes Wrapping services Quality issues Product availability