Skimming, Where a new product is more advanced than that of its competitors, a price is set high as consumers are willing to pay higher prices to own the newest technology. Also referred to as ‘creaming’., Cost-plus pricing, A pricing method that adds a percentage for profit to the total costs of making a product. This gives the selling price., Penetration pricing, A price is set that is lower than those of competitors. Often used by new businesses to break into the market. It is a short-term strategy only., Promotional pricing, Prices are reduced to give products a boost or to sell off old stock., Competitor pricing, A price is set based on prices charged by competitors for a similar product.

2.4 Marketing Mix (price) Find the Match

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