Consumer Needs & Pricing Strategies

_____________________ are the one you wouldn't necessarily expect to be interested in your business and could be attracted because of other reasons.

• Target Customers

• Primary Customers

• Secondary Customers

• Virtual Customers

By knowing the buyers' behaviours, I can...

• Better project my sales target and manage inventory

• Know what is important for my customers and better increase customer loyalty

• Make improvements to the product design and function

• Better market my products or services to the customer

Which of the following is not a factor affecting pricing?

• Competitors' pricing

• Weather

• Production cost & distribution cost

• Brand positioning (Luxury brand/ down-to-earth brand)

Examples of time based pricing are...

• Goods with shorter shelf life will be priced cheaper to reduce wastage

• Cheaper food and drinks during happy hours

• Airline ticket pricings during peak and non peak period

• Hotel pricing on weekends vs weekdays

_________________ is designed to have a positive psychological impact on customers where they are more willing to pay. (Eg: $299, $9.90)

• Premium Pricing

• Psychological Pricing

• Bundle Pricing

• Rounding Off Pricing

Printers are usually charged at a lower price, however accompanying ink top-ups are charged a premium price. This is know as _________________

• Premium Pricing

• Bundle Pricing

• Passive Pricing

• Captive Product Pricing

Mc Donald charges a premium pricing for it's outlet at Garden by the Bay. This pricing strategy is know as

• Premium Pricing

• Product Options Pricing

• Geographical Pricing

• Economy