Sign In
Not register? Register Now!
Essay Available:
Pages:
1 page/≈275 words
Sources:
1 Source
Level:
APA
Topic:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Total cost:
$ 4.32
Topic:

Leader pricing vs. Bait pricing

Instructions:
What is the difference between leader pricing and bait pricing? What do they have in common? How can their use affect a marketing mix? Explain your answer. Your response should be at least 300 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. **if possible use source from Essentials of Marketing 12th Edition McGraw Hill **
Content:

Pricing as a mean of marketing plays a major role in determining the sales of a product in the market and there are several pricing approaches that are used to convince a customer to purchase a product ( HYPERLINK "/search?tbo=p&tbm=bks&q=inauthor:%22Jr.+Perreault,+William%22&source=gbs_metadata_r&cad=5" William,  HYPERLINK "/search?tbo=p&tbm=bks&q=inauthor:%22Joseph+Cannon%22&source=gbs_metadata_r&cad=5" Cannon & HYPERLINK "/search?tbo=p&tbm=bks&q=inauthor:%22E.+Jerome+McCarthy%22&source=gbs_metadata_r&cad=5"  McCarthy, 2009). Am going to consider the leading and bait pricing approaches and explain the difference between them as well as the similarity of the two approaches. Leader pricing approach is the mechanism whereby the price of a high demand product is reduced in order to appeal people to come into a retail shop and may be inspired to buy additional products. On the other hand, bait pricing is an approach whereby a product is advertised at an extremely low price. The intent of this approach is to attract a customer with the aim of selling them a more profitable product of a higher quality.
It is clear from the above definition of the two approaches that the major difference from the two approach is that in leaders pricing approach the intention is to sell a quality item hoping the customer will make more purchases while in the store whereas the bait pricing approach is s...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Ethics of John Deer and Caterpillar
    Description: In other words, ethics can be considered as the moral principles that govern behavior of an individual or in a group...
    9 pages/≈2475 words| 9 Sources | APA | Business & Marketing | Essay |
  • Mahindra and Mahindra: An Emerging Global Giant?
    Description: Although M&M were familiar in international operations having operated in international markets, finding a market for their SUVs in the United States was bound to be challenging...
    4 pages/≈1100 words| 3 Sources | APA | Business & Marketing | Essay |
  • Market Entry Mode
    Description: Describe forms of exporting and the types of intermediaries available to assist firms in exporting their goods - Business and Marketing Essay...
    3 pages/≈825 words| 3 Sources | APA | Business & Marketing | Essay |
Need a Plagiarism Free Essay?
Submit your instructions!