Topic Videos
Business Objectives and Pricing Strategies
- Level:
- A-Level
- Board:
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 21 Mar 2021
In this short revision video we look at a range of business objectives and how they affect the price that might be charged to consumers.
Key revision points:
- Objectives often driven by managerial motives
- Interdependent behaviour in an oligopoly - firms must consider the likely reactions of rivals
- Most businesses are satisficers rather than maximisers
- Regulatory interventions do matter e.g. price capping
- More firms now use big data to drive revenues
- Consumers are increasingly sensitive to issues surrounding fair / ethical pricing
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