Promotion strategies for your business.
Promotion pricing strategies are designed to move goods that would not otherwise move. Promotion pricing strategies are intended to be temporary. Of course pricing strategy must also consider the profitability of a business too. It is not beneficial for a business to ever lower their prices too much as it could have some disastrous effects. Here are some promotion pricing strategies businesses use to move goods while remaining profitable:
Promotion Pricing Strategies 1: The Close Out
This is one of the promotion pricing strategies that might consider profit but really it is not the main focus. The main focus is to move inventory instead of running into the expense of storing it and to keep the losses at minimum if the inventory will not sell at the regular price. This is also one of the promotion pricing strategies used when companies go out of business.
Promotion Pricing Strategies 2: Bulk Discounts
Stores will offer discount pricing if you buy goods in bulk. The store still makes a profit because more than likely the goods will still be sold with a markup—just not as high of a markup.
Promotion Pricing Strategies 3: Competitive Pricing
Competitive pricing is one of the promotion pricing strategies where you study your competition’s pricing and set yours just below in order to sell your goods faster. You can only study your competition’s pricing by observing. Asking a competitor for prices could be considered collusion which is illegal in the United States.
Promotion Pricing Strategies 4: Price Skimming
Economics dictates that when you are selling an extremely scarce product with few substitutes but everyone needs it then you can set the price you want. This is one of the promotion pricing strategies that can make your customers mistrust you if they feel like you set a price high to take advantage of them. As other competitors begin to bring in substitutes, the price will be forced down.
Promotion Pricing Strategies 5: Loss Leader
This is one of the promotion pricing strategies where the business will set prices on a couple of products extremely low—below cost. This is in hopes to gain some market share and no profit is made on this pricing strategy. A business can only do promotion pricing strategies where there is no profit temporarily.
Promotion Pricing Strategies 6: Penetration Pricing
This pricing strategy is a similar to the loss leader in that the prices of a business are set extremely low in order to penetrate the market and gain some share. This cannot be sustained for long and is only temporary.
Promotion Pricing Strategies 7: Cost plus markup
This is the one of all the promotion pricing strategies with sustained profitability in mind. It is basically the cost of the product at wholesale and the markup required per unit in order to be profitable. The problem with cost plus markup is that the calculated price may not be in line with what customers are expecting to pay. In other words, the cost plus markup may be too high and will have to be brought down so as to make sales.
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