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level: 3.3.2 Price

Questions and Answers List

Question	Answer
Estimates the amount of products that will be produced, calculates the total cost of the production, and then adds a mark-up for profit	Cost plus pricing
Putting prices very close to competitor prices	Competitive pricing
Set its prices lower than the competitors to try and take some market share when trying to enter a new market	Penetration pricing
Used when a business has a new and unique product. Set the price very high price at first and lower it over time	Price skimming
Set a low price for a short time period. Help business to get rid of stock that they are having a hard time selling	Promotional pricing
The quantity of a product that consumers are willing and able to purchase at a given price in a time period	Demand
A measure of the responsiveness of demand to a change in price	Price elasticity