Business Studies·The marketing mix · NSSCO 4.4
Marketing mix — Price: pricing strategies & calculations
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Price is the second P of the marketing mix, and it is the only P that brings money in. In this lesson we define what price really means, then meet five ways a business can set its price — cost-plus, penetration, price skimming, competitive and promotional pricing — and when each one is used. Then we roll up our sleeves and work out cost-plus prices and discount prices on the board, line by line, in Namibian dollars.
What you'll learn in this lesson
By the end you should be able to (NSSCO Business Studies 4.4):
- Define price
- Explain the following pricing strategies: cost plus pricing, penetration pricing, price skimming, competitive pricing, promotional pricing
- Calculate: cost plus prices, promotional prices
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