Business Studies Coursework (Marketing selection)

... Marketing Section The element of the marketing mix that I am going to address will be the pricing element. This is because I believe that the price of a chocolate bar is the most important factor to take under consideration whilst trying to sell a chocolate bar. Range of Pricing Strategies The 12 important factors of pricing: Premium Pricing: Use a high price where there is uniqueness about the product or service. This approach is used where a substantial competitive advantage exists. Penetration Pricing: The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. Economy Pricing: This is a no frills low price. The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc. Price Skimming: Charge a high price because you have a substantial competitive advantage. However, the advantage is not sustainable.

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