Small business pricing policies and strategies
Topic B: Pricing Policies & Strategies
In Longenecker (2019) Chapter 16, sections 1-3, we learned about small business pricing policies and strategies. Here, we will discuss how these policies and strategies apply to funeral service.
Topic B: Initial Post
Explain and discuss two (2) pricing strategies. Post an answer to this question using information from the text, your experiences, or from another quality source. Make sure to use APA formatting to cite your sources. Your written post should be at least 200 words in length or you may make a video response.
Expert Solution
Penetration pricing: A company using the penetration pricing strategy sets the price for its products or services lesser than its normal, long-range market price. This strategy is used to acquire a rapid market acceptance or to grow existing market share…Read more
Price Skimming: A firm using the price skimming strategy prices its products or services at high levels for a given period of time before decreasing them to more competitive levels.
Other pricing strategies discussed in this course include:
- Prestige or premium pricing
- Follow-the-leader pricing
- Variable pricing
- Price lining
- Optional product and service pricing
Reference
Longnecker, J. G., Petty, W. J., Palich, L. E., & Hoy, F. (2019). Small Business Management: Launching & Growing Entrepreneurial Ventures 19th Edition. Cengage Learning.
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