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Marketing Mix

The 4 Ps: Price, Product, Place, Promotion

TermDefinition
Price Skimming Scheme Charges high price when first released to recoup costs of development
Consumers' Price Range Factor That Determines Price: How much consumers are willing to Pay for a certain product
Penetration Price Strategy Charges a low price to undercut competitors
Cost Of The Product Factor That Determines Price: price must be at least equal or more than the cost to Develop, Market and Sell the product
Price Discrimination Strategy Charges a different price for different customers such as adults, students, OAPs etc.
Legal Regulations Factor That Determines Price: Government sets the maximum and minimum price that a product can be sold
Created by: srfc4life
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