Class Notes (835,730)
Canada (509,354)
RMG 200 (77)
Brent Barr (15)
Lecture

Retail Pricing Strategies

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Department
Retail Management
Course
RMG 200
Professor
Brent Barr
Semester
Winter

Description
Week 11 Pricing Practices: 1. 1% Pricing Mindset 2. Deliver More Value 3. Price Strategically 4. Know Competition 5. Make pricing a process Pricing Issues Pricing Strategies (Everyday low pricing VS Hi-lo pricing [regular prices higher than EDLP but frequently on sale at lower prices]) How should prices be set (Demand oriented pricing) How do retailers set prices? (Cost-oriented Pricing) Legal Issues in pricing Price of Merchandise: Cost of Merchandise, Demand, Competitors Methods for Setting Price: Cost-Oriented Set price at a fixed percent over cost of merchandise Demand-Oriented Charge as much customers are willing to pay Competitor-Oriented Set price in relation to competitors prices Factors affecting customers sensitivity to prices: IncomeNeed for products (-)
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