Pricing Strategy For A 'Brick-And-Mortar' Retail Store

First, you have probably heard one character in a movie tell another that the three most important factors for determining the quality of a property are "location, location, location." It is true for businesses as well, particularly "brick-and-mortar" retail businesses. Briefly describe the five key factors in selecting a good location for a "brick-and-mortar" retail store. Which of these factors do you believe is most important? Why? Five key factors in choosing location include zoning, ease of access, real estate costs, proximity to bigger supply chain store and the level of competition. Of course, demographics play a part as well. You don’t want to open a store that may be in the bad part of town. Zoning has requirements for both city and county. You need to figure out which one you are considered to be in. You also have regulatory …show more content…
Sometimes being the only one doing that particular business is a good thing for customers. https://www.enotes.com/homework-help/what-factors-good-location-brick-mortar-retail-652606 Second, you will use your new understanding of the "Pricing" part of the marketing mix to examine the pricing strategy of a small business. In your written assignment, briefly describe the six pricing strategies. Identify and briefly describe a small business in your area. Which pricing strategy does this business use? Explain. Six Pricing strategies are as follows:
Pricing at a premium is where businesses set costs higher than what their competition is doing. This is most effective in the early days of the products life cycle. Customers perceive products as being worth the higher price tag because the company works hard at maintaining that perception.
Pricing for market penetration aims to attract buyers with lower prices. New companies often use this technique to attract attention from their