Your explanation is the easiest to understand of all the videos on pricing strategy currently on TH-cam. You've made it simple and interesting. Thank you.
I used to come here at a time when A levels were all that could seem to worry me. That was about 4 years ago, and so much has changed since then. I took on an accounting qualification and look at me coming back here as im nearing my final examination of said qualification. Thank you so much, your videos helped me score really well before and I can say this with confidence they'll help me score well at this stage of life as well.
I have watched most of your videos and i must agree they are very good and find them very helpful! they are definitely going to help me with my upcoming exams! very good at explaining key points! keep up the good work Sir, this is very much appreciated!
Nonsense! They are saved because you're taking the time to work hard and watch them! However, thank you for taking the time to leave such a generous comment. Good luck in your exams.
Thanks a lot for summarizing things up. I wanted to know what would be the difference between Penetration pricing and Promotional Pricing as both are short term or are they ambiguous. Secondly, where should we place value-based pricing.
Brilliant presentation on pricing! In few industries, like coffee market, vendors offer free coffee machines to corporates, and charge a higher price for the raw materials? Can I say this to be a captive product pricing strategy?
No problem. Other than understanding what each strategy is and why a business would use it there's not much to this particular topic. I've covered the main pricing strategies in this video, but some boards may have strategies not mentioned, such as cost plus pricing and dynamic pricing
i thought dynamic pricing was rapidly and continuously changing prices in response to demand, as opposed to a willingness to pay or are these two things the same?
Sir, at 4.08 where you mentioned "they might pre-order it, at an very high price" can we use the theory of *Consumer Surplus* over here? or while writing our evaluations ?
I would check the syllabus of the qualification you are studying, but I would be cautious using theories like consumer surplus if it is not on your A level Business specification. There is no guarantee that the examiner marking your exam answers is also an economics teacher (in fact, it is quite unlikely), and by citing an economics concept in a Business essay, you risk not being credited the marks, unless you went in detail explaining the concept of consumer surplus so the examiner fully understands the point you are making.
That's a great question. I can answer it in more detail on the podcast that I am currently in the middle of recording, but in brief, pricing strategies might be determined by the costs of production, the prices charged by rival firms, the image the product is trying to create, the objectives of the business (e.g. if they are chasing market share, they may charge a lower price) and, of course, the price elasticity of the product
Thanks so much for your videos, they're very helpful. I struggle with the essay writing part of answering questions, using the mark schemes and the textbook I nearly always get top marks but if I attempt a question with no prompts I am unable to write a satisfactory answer. Any tips please?
predator pricing is charging low prices to force competitors that cannot compete with those prices to leave the market. This may or may not involve selling at a loss. Loss leading is selling product for less than the cost of production in order to attract customers to the business in the hope that they will also purchase other products that are sold for a profit.
@TakingTheBiz do you think i can pass business with a c with five days of study,also how much i have to study and what do i need to study im doing a levels international
Price discrimination involves varying your price according to people's market segment - i.e. you might charge over 65's a different price to under 65's. Different market segments might be charged different prices, but the price each segment pays stays the same in the short run. For example, we might charge under 18's less than over 18's, but the price we charge under 18's remains constant. Dynamic pricing is different. Prices fluctuate for ALL customers (regardless of their market segment) based on demand and timing. So a 25 year old that books a flight to Dubai might pay a different price to the 25 year old sat next to them on the plane based on when they booked their respective flights.
*PRICING STRATEGIES TIMESTAMPS:*
Price Penetration - 0:28
Price Skimming - 2:53
Competitive Pricing - 4:56
Predator Pricing - 6:33
Loss Leadership - 7:59
Psychological Pricing - 9:58
Discrimination Pricing - 11:29
Hope this helps!
Thanks!
@@da14a49 No probs
Thanks
legend
I love u
Your explanation is the easiest to understand of all the videos on pricing strategy currently on TH-cam. You've made it simple and interesting. Thank you.
A natural speaker who is is funny, clever and certainly knows what he is talking about. The best in the BIZ
I'm not sure how deserved that praise is but I'll take it. Good luck in your exams!
I used to come here at a time when A levels were all that could seem to worry me. That was about 4 years ago, and so much has changed since then. I took on an accounting qualification and look at me coming back here as im nearing my final examination of said qualification. Thank you so much, your videos helped me score really well before and I can say this with confidence they'll help me score well at this stage of life as well.
So glad you are experiencing such success! Good luck with your examination
I have watched most of your videos and i must agree they are very good and find them very helpful! they are definitely going to help me with my upcoming exams! very good at explaining key points! keep up the good work Sir, this is very much appreciated!
Although my teacher is great... you are better 😊 thanks for the videos and your hard work, you've saved many business/economics students!!!!!!
Thank you so so much for making these videos!! You literally cover everything and it’s so easy to understand! My A levels are saved thanks to you :))
Nonsense! They are saved because you're taking the time to work hard and watch them! However, thank you for taking the time to leave such a generous comment. Good luck in your exams.
Cheers bossman, your videos are the best
Thank you for the praise! Good luck with your revision.
Calum 1999 Keep it up mate
@Tyson Reed THEN BE sure that NO ONE cares looooool
The best Business study tutor I have ever see .. thank you for being a part of my A grade in this subject
Very clear, sequential, only essence, no nonsense 👍which is rare these days, GREAT, THANK YOU
This channel is now a staple of my revision since the critical path analysis one.
"They've elicited some kind of bargain", lol that made me laugh. Love the way you explain things
Bless your heart!!! I have no idea what I would do without you ! Thank you for the quality content . THANK YOU
It is an absolute pleasure! Thanks for watching and thanks for leaving a comment!
Even at University I still refer to these videos thank you very much.
This guy is awesome, funny guy and very knowledgeable. Love it!!!!
The fact that you filmed the whole video in one take - I was amazed!
Watching this a day before my exam, thanks for the help :)
same 😂
@@danielfairhead7477 goodluck bro 😂
How'd that go for you?
Amazing videos that summarize key points. Keep up the good work 👌🏾👍🏾
Very good job, great videos. Thanks
Your lectures are so helpful!May God bless youu
Amazing and wonderfull videos of LBR, your videos are very good to see and listen. Thank you to keeping us updated.
Very very useful. All thanks to you sir✌️
So greatfull found this lesson so helpful, clear and on point, have u done anything on how to get back lost customers. Thanks
Sorry - nothing on lost customers. Glad you liked this video though.
love you so much man thank you for this 😭🙏🙏🙏
Super presentation dear. Wish to become like u
I wouldn't wish that on anyone!
Very very useful. All thanks to you sir
Hey man, you're so good. Thank you so much! I get it so well.
You're too generous. Thanks for the comment. Good luck with your studies
Thank you for making it so clear!
Thanks a lot for summarizing things up. I wanted to know what would be the difference between Penetration pricing and Promotional Pricing as both are short term or are they ambiguous. Secondly, where should we place value-based pricing.
Cheers boss, miss you loads.
Brilliant presentation on pricing! In few industries, like coffee market, vendors offer free coffee machines to corporates, and charge a higher price for the raw materials? Can I say this to be a captive product pricing strategy?
Thanks a lot for the great efforts
Thanks, is that all you need to know or is there extra bits and pieces we should be aware of
You should check which pricing strategies are named on your specific exam board, as there are many and they vary between each specification
TakingTheBiz Oh okay, thank you
No problem. Other than understanding what each strategy is and why a business would use it there's not much to this particular topic. I've covered the main pricing strategies in this video, but some boards may have strategies not mentioned, such as cost plus pricing and dynamic pricing
i thought dynamic pricing was rapidly and continuously changing prices in response to demand, as opposed to a willingness to pay or are these two things the same?
Sir, at 4.08 where you mentioned "they might pre-order it, at an very high price" can we use the theory of *Consumer Surplus* over here? or while writing our evaluations ?
I would check the syllabus of the qualification you are studying, but I would be cautious using theories like consumer surplus if it is not on your A level Business specification. There is no guarantee that the examiner marking your exam answers is also an economics teacher (in fact, it is quite unlikely), and by citing an economics concept in a Business essay, you risk not being credited the marks, unless you went in detail explaining the concept of consumer surplus so the examiner fully understands the point you are making.
thank you so much helps me with my finals.
Very helpful.Keep on doing like this.
Which books would you recommend on the issue? Thanks. Fantastic content.
Great help. Thank you so much!
It's a pleasure - I hope they help when it comes to the exams
cheers mate
THANK YOU A LOT FOR THESE PRECIOUS INFORMATION
Thank you sir for the clear explanations!!
You are most welcome. I hope the videos are useful to you. Thanks for watching!
Very good❤
sir, if i may ask what are the factors that determine the pricing strategy on a new product?
That's a great question. I can answer it in more detail on the podcast that I am currently in the middle of recording, but in brief, pricing strategies might be determined by the costs of production, the prices charged by rival firms, the image the product is trying to create, the objectives of the business (e.g. if they are chasing market share, they may charge a lower price) and, of course, the price elasticity of the product
Thanks so much for your videos, they're very helpful.
I struggle with the essay writing part of answering questions, using the mark schemes and the textbook I nearly always get top marks but if I attempt a question with no prompts I am unable to write a satisfactory answer. Any tips please?
video was bare helpful, cheers.
perfectly explained ! Thank you
Please, any book to learn on the pricing techniques?... Thanks in advance!
Absolute legend.
Excellent. Thank you :)
Psychology behind bargaining. 350 rs to 250rs people buy is it good or bad.
And fixed price good or bad
I got a problem on the advantages and the disadvantages of internal and external sources of finance. can you do a vid on tht please?
Love your channel
Me too!
Exactly what I was looking for, subscription from me! :D
Thanks for the comment and the subscription! I'm glad you found the video useful
U are a legend
Please could you make a video on ‘
‘Operations management’
I have an exam next week😅
Plz do a video on cooperatives
Hi, could you provide us with some examples where the first four strategies are being used by current organisations...
Is survival pricing and loss leading the same?
Is it important to know all 7 of these or is it just the top 3 that are important?
It's best to check which strategies are required for the exam board you are studying. It varies from board to board
Thank you so much
Good content
sir what is the different between pedetor pricing and loss leading sir ?
predator pricing is charging low prices to force competitors that cannot compete with those prices to leave the market. This may or may not involve selling at a loss.
Loss leading is selling product for less than the cost of production in order to attract customers to the business in the hope that they will also purchase other products that are sold for a profit.
@TakingTheBiz do you think i can pass business with a c with five days of study,also how much i have to study and what do i need to study im doing a levels international
Thankyou so muchh
Isn’t Predatory Pricing same as Competitive Pricing. I don’t understand the difference?
'Price makers' -- are they the same as 'Price leaders'?
Absolutely. Two terms, same meaning.
I'm afraid I cannot differentiate between price discrimination and dynamic pricing.
Price discrimination involves varying your price according to people's market segment - i.e. you might charge over 65's a different price to under 65's. Different market segments might be charged different prices, but the price each segment pays stays the same in the short run. For example, we might charge under 18's less than over 18's, but the price we charge under 18's remains constant.
Dynamic pricing is different. Prices fluctuate for ALL customers (regardless of their market segment) based on demand and timing. So a 25 year old that books a flight to Dubai might pay a different price to the 25 year old sat next to them on the plane based on when they booked their respective flights.
You are a god
Thanks
Thank you so much!!!!!!!!!!!!!!!!!!!!!!!!!
thank you king
I think you are in a minority of one there! Maybe court jester rather than king.
what about cost based pricing??
This is great but needs time stamps
thanks a lot!
this REALLY helped TANK you
Just wish I found you earlier
thanks yupss
I love you
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