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Business Competition

Business Competition. Customers. Pricing Strategies. Non Pricing Strategies. Who are the customers?. Market segments: Age Gender Income Group Geographical area Interest groups Behaviour (impulse shoppers). Pricing Strategies. Promotional Pricing: temporary price change i.e. 10% off

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Business Competition

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  1. Business Competition Customers Pricing Strategies Non Pricing Strategies

  2. Who are the customers? • Market segments: • Age • Gender • Income Group • Geographical area • Interest groups • Behaviour (impulse shoppers)

  3. Pricing Strategies • Promotional Pricing: temporary price change i.e. 10% off • Loss leaders: price is set lower than costs in the hope that customers also buy full price items i.e. supermarkets • Penetration Pricing: low introductory price but price goes up one product is established i.e. interest magazines • Skimming: high price to start, especially if there is little competition i.e. new technology • Destroyer: low price to drive out the competition i.e. petrol

  4. Non Pricing Strategies • Opening hours • Product range • Extra faculties, i.e. toilets, bag packing • Promotions I.e. BOGOF • Free gifts/competitions • Reward schemes • Wrapping services • Quality issues • Product availability

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