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| Explain the difference between a price skimming and a market penetration pricing strategy. |
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- Describe the economic basis of pricing and the means by which sellers can control prices and buyers’ perceptions of prices.How can retailers create effective pricing strategies that balance profitability with customer value?in terms of marketing how would you identify and discuss the important internal and external factors affecting a business’s pricing decision. Use examples to illustrate your answer
- Explain the price-demand relationship. What factors must sellers consider when setting prices in different types of markets?Why is finding and implementing the right pricing strategy critical to a company’s success?How does bundle pricing impact consumer purchasing behavior and overall market efficiency compared to individual item pricing?
- Explain how a company can apply market-skimming pricing or market-penetration pricing in a target marketGiven that there is a serious disadvantage to cost-based pricing, how would you account for its widespread use in retailing and other businesses?In what situations is cost-based pricing most suitable for businesses?