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

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

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

Apple
AT&T
Google

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?*

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.
Buddy’s Hardware Store, which has been open since 1999. Every Spring has the largest tool sale.
All the above.
New Boutique opens and offers the first 100 customers a 10% Discount.

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?*

Video Game Industry
The Car Industry
Cooking Industry

9. What is Anchor Pricing?*

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