Pricing Strategies
This Pricing Strategy is when a business moves into a new market and originally offers lower pricing than they normally would. Over time, they will increase their prices once they have an established customer base.
Penetration Pricing
Giving out samples at Costco is an example of this Promotional Strategy
Personal Selling
What color car catches the eye faster than any other color (your insurance will go up if you buy a car of this color...)
Red
This type of business sells items to the customer
Merchandising
An advantage of this business structure is you own your own business
Sole Proprietorship
This strategy involves a business selling a product at a price that is not profitable, but is sold to attract new customers and/or sell other products
Loss Leader
When you pay someone to broadcast your message, you are using this promotional strategy
Advertising
This is a word, group of letters or numbers that represent a product or service
Brand Name
This type of business makes something for the customer
Manufacturing
Examples of this type of business structure (where you pay a large sum up front to get access to the brand and their patents/recipes) include McDonalds, KFC, and Subway
Franchise
Apple uses this pricing strategy often with their iPhones. Once one has been on the market for a period of time, they will gradually lower the price.
Price Skimming
Marketing that does not include paying a 3rd party is this type of a promotion
Direct Marketing
This is the most common use of a brand mark
Logo
This type of business takes from a natural resource
Extracting business
Still liable for debts of the company, but easier to manage with multiple people
Partnership
Examples of this pricing strategy include ending the price in .99 instead of rounding up, or including an artificial time restraint
Psychological Pricing
The Dove promotional campaign of #TheSelfieTalk where they take a poignant look at the pressure young girls feel to look "perfect" is an example of this promotional mix activity
Public Relations
A specific type of brand mark, one with human form or characteristics
Trade Character
This type of business performs a service for the customer
Service Business
Business is owned by stockholders, not an individual
Corporation
The airline industry is an example of this pricing strategy.
Price Leadership
Giving customers limited time on these types of promotions is one reason they are successful
Sales Promotion
Give one reason why a brand would choose to rebrand themselves
Open a new location
Market Repositioning
New Philosophy
Mergers and Acquisitions
Covering up a Crisis
Make More Money
The combination of one company having two or more stages of production
Vertical Integration
Hybrid model of partnership/sole prorprietorship and a corporation
Limited Liability Corporation