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Business Objectives and Pricing Strategies

Level:
A-Level
Board:
AQA, Edexcel, Eduqas, IB, OCR, WJEC

Last updated 21 Mar 2021

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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.

Business Objectives and Pricing Strategies

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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