Journal Question What are the 4 P’s of marketing and how can a business control each one? Give an example.

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Journal Question What are the 4 P’s of marketing and how can a business control each one? Give an example.

Marketing Mix Continued

Types of Pricing ► Economy Pricing: This is a no frills low price. The cost of marketing and manufacture are kept at a minimum.

Premium Pricing: Use a high price where there is uniqueness about the product or service. This approach is used where a substantial competitive advantage exists.

Promotional Pricing: Pricing to promote a product is a very common application. There are many examples of promotional pricing including approaches such as Buy One Get One Free.

Penetration Pricing: The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased.

Price Skimming: Charging a high price because you have a substantial competitive advantage. However, the advantage is not sustainable. The high price tends to attract new competitors into the market, and the price inevitably falls due to increased supply. i.e. Cell Phone

Activity Find one product for each of the following pricing strategies: – Economy Pricing – Premium Pricing – Promotional Pricing – Penetration Pricing – Price Skimming For each product, state one advantage and one disadvantage to using that pricing strategy