Business Studies (9-1) - 0986 CIE

Price:

Bayani Gaba-gaba

Price is the only part of the marketing mix that brings money in; the rest cost money. Set the price too high and customers walk away; set it too low and the firm gives away profit it could have earned. Choosing a pricing method is one of the most important and most tested decisions a business makes.

In this lesson you will compare the main pricing methods, cost-plus, competitive, penetration, skimming and promotional, learn the benefits and limitations of each, and practise recommending the right one for a given situation. You will also meet price elasticity of demand and see why it decides whether raising a price will help or hurt revenue.

Manufura

Pricing methods (benefits and limitations of different methods), e.g. cost plus, competitive, penetration, skimming, and promotional
Recommend and justify an appropriate pricing method in given circumstances
Understand the significance of price elasticity: difference between price elastic demand and price inelastic demand; importance of the concept in pricing decisions (knowledge of the formula and calculations of PED will not be assessed)

Takardar Darasi

The right price depends on the product, the competition and how sensitive customers are to price. A new product needs a different strategy from one with many rivals, and a firm that misjudges how customers react to a price change can lose revenue overnight. Exam questions regularly ask you to select and justify a pricing method, so understanding the trade-offs is essential.

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Nazarin Darasi

Barka da kammala darasi akan Price:. Yanzu da kuka bincika mahimman raayoyi da raayoyi, lokaci yayi da zaku gwada ilimin ku. Wannan sashe yana ba da ayyuka iri-iri Tambayoyin da aka tsara don ƙarfafa fahimtar ku da kuma taimaka muku auna fahimtar ku game da kayan.

Za ka gamu da haɗe-haɗen nau'ikan tambayoyi, ciki har da tambayoyin zaɓi da yawa, tambayoyin gajeren amsa, da tambayoyin rubutu. Kowace tambaya an ƙirƙira ta da kyau don auna fannoni daban-daban na iliminka da ƙwarewar tunani mai zurfi.

Yi wannan ɓangaren na kimantawa a matsayin wata dama don ƙarfafa fahimtarka kan batun kuma don gano duk wani yanki da kake buƙatar ƙarin karatu. Kada ka yanke ƙauna da duk wani ƙalubale da ka fuskanta; maimakon haka, ka kallesu a matsayin damar haɓaka da ingantawa.

Adding a percentage mark-up for profit to the unit cost is called: A. penetration pricing B. cost-plus pricing C. price skimming D. competitive pricing Answer: B
Launching a new, unique product at a high price is called: A. penetration pricing B. promotional pricing C. price skimming D. cost-plus pricing Answer: C
If demand is price elastic, raising the price will cause total revenue to: A. rise B. fall C. stay exactly the same D. become zero Answer: B
Setting a low price to break into a market is: A. skimming B. cost-plus C. penetration pricing D. promotional pricing Answer: C
Demand for a product with very few close substitutes is most likely to be: A. price elastic B. price inelastic C. always zero D. fixed by law Answer: B