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Product mix pricing strategy that addresses and responds to the prices of competitors.
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Pricing strategy with the objective of creating an impression in the mind of the consumer.
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Pricing strategy that focuses on segments where the business can make a profit. Enables businesses to offer the same basic product, but add features that customers are willing to pay for or remove cost elements that are not important to specific customers.
4
Pricing strategy that sets prices low in order to enter a new market or introduce a new product to the market.
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Markdowns used to increase sales and promote merchandise, increase traffic flow and sale of complementary products, and/or generate excitement through a sale.
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Pricing strategy that recognizes variations in price in different parts of the world, due to taxes/shipping costs, tariffs, trade regulations, etc.
7
Generates cash to buy additional merchandise.
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Markdowns to get rid of slow-moving, obsolete merchandise.
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Most basic type of pricing, represents setting the price of a product at some level above the cost of producing and distributing that product. For example, merchandise is marked up 100% at the Post Malone concert.
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Works well for premium products. Strategy that involves setting the price relatively high to generate a high profit margin.
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Product ___________ is the collection of products and services that a company chooses to offer its market. Pricing strategies range from being the cost leader to being a high-value, luxury option for consumers.
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