1.3.3 Pricing strategies - cartoon. 1.3.3 Pricing - syllabus Candidates should be able to: Define pricing strategies (cost plus (mark- up on unit cost),

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1.3.3 Pricing strategies - cartoon

1.3.3 Pricing - syllabus Candidates should be able to: Define pricing strategies (cost plus (mark- up on unit cost), price skimming, penetration, predatory, competitive and psychological) Analyse factors that determine the most appropriate pricing strategy for a situation (number of USPs/amount of differentiation; PED; level of competition; strength of brand; stage in the product life cycle; costs and the need to make a profit) Discuss changes in pricing to reflect social trends (online sales, price comparison sites)

Definitions: pricing strategies What are pricing strategies? Long-term pricing plans which should help achieve the _______________ of the business. What do businesses need to consider when setting prices?

Mind map - research Draw a mind map or table with definitions, advantages and disadvantages of the six main pricing strategies listed: 1.Cost plus 2.Price skimming 3.Price penetration 4.Predatory pricing 5.Competitive pricing 6.Psychological pricing

What factors determine the pricing strategy?

What changes in pricing reflect social trends? online sales – price comparison sites –

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