Explain the main features of various pricing methods, including price skimming, price penetration, competitive pricing, loss leader, and cost-plus pricing.
Analyze the impact that different pricing methods will have on a business's sales and profitability.
Identify and evaluate internal and external factors that influence pricing decisions, such as costs, the nature of the market, the degree of competition, and the product life cycle.
Assess how these influencing factors change as a business grows and expands over time.
Evaluate these factors to determine and assess the suitability of pricing methods for a specific business scenario.
Understand the fundamental economic relationship between price and demand, recognizing that demand typically falls as prices rise.
