For the following scenarios suggest a pricing strategy and justify why that strategy is most suitable for that business. Scenario 1 Corey has just launched an online business selling customized hoodies. The hoodies are high quality and made uniquely for each individual customer. He sells them solely online through his Shopify store. Highlight the correct answer. a. Penetration pricing b. Economy pricing c. Price skimming d. Psychological pricing e. Premium pricing f. Competitor pricing g. Cost plus pricing Scenario 2 Ellie writes eBooks for people in business and has a very reputable name but is branching out to follow her passion of writing eBooks for children. This is a highly competitive market where her name as an author is not known. Highlight the correct answer. a. Penetration pricing b. Economy pricing c. Price skimming d. Psychological pricing e. Premium pricing f. Competitor pricing g. Cost plus pricing Scenario 3 Maurice is a well-established roofer within his local area. However, he is wanting to expand and gain new customers in the neighboring town, where he currently is relatively unknown. Highlight the correct answer. a. Penetration pricing b. Economy pricing c. Price skimming d. Psychological pricing e. Premium pricing f. Competitor pricing g. Cost plus pricing
For the following scenarios suggest a pricing strategy and justify why that strategy is most suitable for that business.
Scenario 1
Corey has just launched an online business selling customized hoodies. The hoodies are high quality and made uniquely for each individual customer. He sells them solely online through his Shopify store. Highlight the correct answer.
a. Penetration pricing
b. Economy pricing
c. Price skimming
d. Psychological pricing
e. Premium pricing
f. Competitor pricing
g. Cost plus pricing
Scenario 2
Ellie writes eBooks for people in business and has a very reputable name but is branching out to follow her passion of writing eBooks for children. This is a highly competitive market where her name as an author is not known. Highlight the correct answer.
a. Penetration pricing
b. Economy pricing
c. Price skimming
d. Psychological pricing
e. Premium pricing
f. Competitor pricing
g. Cost plus pricing
Scenario 3
Maurice is a well-established roofer within his local area. However, he is wanting to expand and gain new customers in the neighboring town, where he currently is relatively unknown. Highlight the correct answer.
a. Penetration pricing
b. Economy pricing
c. Price skimming
d. Psychological pricing
e. Premium pricing
f. Competitor pricing
g. Cost plus pricing
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