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What are the four P's of the marketing matrix?
Product, price, promotion, place
What is competitive pricing?
selecting strategic price points to best take advantage of a product or service based market relative to competition
What is penetration pricing?
a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering
What is promotional pricing?
a sales strategy in which brands temporarily reduce the price of a product or service to attract prospects and customers
What is skimming pricing?
product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time
What is loss-leader pricing?
an aggressive pricing strategy in which a store sells selected goods below cost in order to attract customers who will, according to the loss leader philosophy,
What is cost-plus pricing?
a pricing strategy by which the selling price of a product is determined by adding a specific fixed percentage to the product's unit cost
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