(a) List two pricing strategies in marketing.
(b) State four attributes of a product brand.
(c) Explain five importance of price to a producer.
(a) List two Pricing Strategies Marketing: Two pricing strategies:
(i) Market penetration pricing strategy.
(ii) Market skimming pricing strategy.
(iii) Satisfactory rate of return.
(iv) Product line pricing.
(V) Discriminatory pricing strategy.
(vi) Psychological pricing strategy.
(vii) Competitive based pricing.
(viii) Predatory pricing strategy.
(ix ) Mark-up pricing strategy.
(x) Target return! profit pricing.
(xi) Differential pricing strategy.
(b) State four attributes of a product brand: Attributes of a product brand:
(i) The brand name should be easily remembered.
(ii) The brand symbol should be readily recognized.
(iii) The trade mark should be unique.
(iv) New and attractive brand mark should be used.
(v) The brand name should be short.
(vi) The brand name should be easy to pronounce.
(vii) It should reflect the nature of the product.
(vii) The brand name should be legal safe.
(c) Explain five importance of price to: producer: Importance of price to an organization:
(i) Raising of revenue - Price plays a pivotal role in the marketing of goods and services as it attracts revenue for the business.
(ii) Sales Volume - Price can be used to increase the volume of sales.
(iii) Product Value - Price can be used to determine the value of the product to the customer.
(iv) Corporate Image - Price can be used to build an image for the company.
(v) Product Quality Price gives a perception of quality a customer is likely to receive.
(vi) Prevention of Competition - Price can be used to prevent competitors from entering the market.
(vii) Profitability- It call he used to increase profitability.
(viii) Market Share - lt can be used to increase the company's market share.
(ix) In document- Price can be used to induce customers to purchase more of the company's products.
(x) Price helps the producer in marketing planning and analysis.
(xi) It helps the producer to compare between producing a product or outsourcing the product to another company.
(xii) Provide information about the product.
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