Pricing strategies
What Pricing strategies means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Pricing strategies
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Reference: Pearson Edexcel
The approaches a business chooses for setting prices, determined by factors such as USPs, price elasticity of demand, competition, brand strength, life cycle stage and costs.
Strategic pricing and output decisions that firms finalise after evaluating the price elasticity of demand and anticipating competitor reactions.
The plans firms make for setting prices, which PED affects through its implications for pricing.
Topics that use Pricing strategies
- Competing on price (Pearson Edexcel A-Level)
- Price elasticity of demand (PED) (Pearson Edexcel A-Level)
- The competition (Pearson Edexcel A-Level)
Related terms
- Price elasticity of demand
- Branding
- Competitive advantage
- Cost-plus pricing
- Dynamic market
- Gaps in the market
- Market competition
- Market structure
Using Pricing strategies in the exam
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