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Lesson 8 (common business terminology)
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Discussion on common marketing terminology (Alphabet 'P' to 'S')

Chandan Poddar
Teacher, Author and consultant. Presently teaching at

Unacademy user
  1. Pre-Emptive Pricing Pre-emptive pricing is a strategy involves setting low prices in order to discourage or deter potential new entrants to the suppliers market. Price Discrimination Price discrimination occurs when a firm charges a different price to different groups of consumers for an identical good or service, for reasons not associated with costs. For example, bottled water is priced differently in shopping malls and cinema halls.

  2. Price Elasticity of Demand Price elasticity of demand measures the responsiveness of a change in demand for a product following a change in its own price. Price Sensitivity Price sensitivity is the effect a change in price will have on customers

  3. Price Skimming Price skimming involves charging a relatively high price for a short time where a new, innovative, or much-improved product is launched onto a market. Price The price of a product may be seen as a financial expression of the value of that product.

  4. Publicity Promotional activities designed to promote a business and its products by obtaining media coverage not paid for by the business.

  5. Sales Promotion Sales promotion refers to any activity designed to boost the sales of a product or fery include an advertising campaign, increased PR activity, a free-sample campaign, arranging demonstrations or exhibitions, setting up competitions with attractive prizes, temporary price reductions, door-to-door calling,telephone-selling, personal letters on other methods