Price

Question 1

price skimming

Answer 1

setting high price for a product when it first enters the market

Question 2

Penetration pricing

Answer 2

launching new product at low price for fast sales
increased market share to establish a market leader

Question 3

competitive pricing

Answer 3

matching prices that competitors charge
if products are similar, price becomes an important factor that influences customers decision

Question 4

Loss leader

Answer 4

product sold at loss to make customer buy other items from business to make a profit

Question 5

Cost plus pricing

Answer 5

products are priced by covering the cost of it to the retailer and adding a percentage on top