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Competition

memorize.ai (lvl 286)

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7 cards

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Section 1

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market positioning

Front

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Competition Prep

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (7)

Section 1

(7 cards)

market positioning

Front

based on collected data plotted on a market map 2 features eg// (price and quantity sold)

Back

premium pricing

Front

set price artificially high + create an illusion for a high quality - many rivals might have cheaper alternatives

Back

cost - plus pricing

Front

business considers all possible costs and sets a price above the costs eg// 10% + easy to calculate + all costs are covered - price sensitivity not considered

Back

competitive pricing

Front

setting the price of a product or service based on what the competition is charging

Back

price skimming

Front

set price artificially high before any rivals enter the market + good brand image - high quality - if price is too high, hardly anyone will buy the product.

Back

Predatory pricing

Front

A dominant firm sets their price artificially low to drive competition away. + gain control of market + no rivals enter market - illegal

Back

penetration pricing

Front

a business sets an artificially low price + gain market share + catch rivals off guard - not profit maximising

Back