Pricing Strategy: How To Find The Ideal Price For A Product - Choctaw Nation Small Business Development

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1. What is the formula/Strategy for COST-PLUS PRICING?*

COST + PRICE = MARKUP (%)
COST + MARKUP (%) = PRICE
MARKUP (%) + PRICE = COST

2. When pricing your products when is Competitive Pricing often used?*

Competitive Pricing is often used when you are the only show in town.
Competitive Pricing is not used in a Saturated Market.
Competitive Pricing is often used in a highly Saturated Market

3. The video talks about Pricing your products. This pricing strategy is best used by a business that has stand-out products with features that other companies can’t compete with.*

True
False

4. Which company uses the Price Skimming strategy and has been for years?*

Google
Apple
AT&T

5. Penetration Pricing is when you use ____ to enter a market.*

The same amount
A higher price
A lower price

6. Which of these are examples of Penetration Pricing?*

Buddy’s Hardware Store, which has been open since 1999. Every Spring has the largest tool sale.
New Boutique opens and offers the first 100 customers a 10% Discount.
Lou’s Pizza opened in May of 2021; Business was doing Great! The business was steady, Sales increased every year. There Sandwich line was not doing great, so to help increase sales, they ran a special on Sub Sandwiches.
All the above.

7. When Value-Based Pricing is done right, it’s a great way to build customer loyalty.*

True
False

8. Loss Leader Pricing is heavily used in which Industry?*

The Car Industry
Video Game Industry
Cooking Industry

9. What is Anchor Pricing?*

Original Price, listed on the Price Tag
Sale and Original Price listed on the Price Tag
Total Savings, listed on Price Tag?