Sometimes being the only one doing that particular business is a good thing for customers. https://www.enotes.com/homework-help/what-factors-good-location-brick-mortar-retail-652606 Second, you will use your new understanding of the "Pricing" part of the marketing mix to examine the pricing strategy of a small business. In your written assignment, briefly describe the six pricing strategies. Identify and briefly describe a small business in your area. Which pricing strategy does this business use? Explain. Six Pricing strategies are as follows:
Pricing at a premium is where businesses set costs higher than what their competition is doing. This is most effective in the early days of the products life cycle. Customers perceive products as being worth the higher price tag because the company works hard at maintaining that perception.
Pricing for market penetration aims to attract buyers with lower prices. New companies often use this technique to attract attention from their