29 Oct Types of Pricing Strategies
1. Types of Pricing Strategies
- Demand Pricing. Demand pricing is also called demand-based pricing, or customer-based pricing. …
- Competitive Pricing. Also called the strategic pricing. …
- Cost-Plus Pricing. …
- Penetration Pricing. …
- Price Skimming. …
- Economy Pricing. …
- Psychological Pricing. …
- Discount Pricing.
2. Be careful with markup! Must be able to cover ALL costs and understand how your business model impacts pricing (retail versus straight ecommerce). Retailers buy products at 40-50% off SRP. Then they demand allowances for returns, damage, cooperative advertising, and often pay you in 90 days. If your fully landed cost for a product is $5/unit, you may need to sell it for $20-$25 in order to make sufficient margin.
- – Read the Power Point Chapter attached to this announcement.
- – Watch the You Tube Video Pricing Strategies: How to Price a Product ( https://www.youtube.com/watch?v=4t_MEO_la_k )
Submit a 3-5 page written paper that answers these questions: What are the best ways to price a NEW product? And, how does pricing impact the consumer’s perception of value?
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