Marketing: Pricing Strategies

The video tutorial covers various pricing strategies, including skim, penetration, competitive, and cost-based pricing. It explains how these strategies are applied in different market conditions. The concept of price elasticity of demand is also discussed, highlighting how demand changes with price variations. Examples are provided to illustrate elastic and inelastic demand products.

What is target profit pricing and how is it calculated?

Define price elasticity of demand and its two types.

Provide examples of products with elastic and inelastic demand.