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The difference between these two pricing strategies prove themselves to be an important part of the marketing mix. They will enable marketers to make better decisions when pricing new offerings. Following these guidelines is a sure fire way to make sure you're on the right path! When a business is introducing a new product or service to the market the two best practices for pricing strategies are price skimming and penetration pricing strategies.
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Penetration Vs. Skimming Marketing Strategies
Penetration pricing and price skimming are marketing strategies commonly implemented when companies launch new products or services. Both approaches have worked for businesses, but you have to understand how your price relates to your overall marketing and promotions strategies. Penetration pricing relies on a low upfront price to attract customers, while skimming is the use of high upfront prices to maximize short-term profits from the most eager and interested customers. Penetration pricing is intended to attract a larger contingent of customers away from competing brands. The idea is to use a better mix of product benefits and a lower price to lure customers only modestly satisfied with existing products.
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Pricing strategies tend to change as a product goes through its product life cycle. One stage is particularly challenging: the introductory stage. This is called New Product Pricing. When companies bring out a new product, they face the challenge of setting prices for the very first time.
Posted by Terms compared staff Nov 15, Marketing. The price of a product takes into account its production cost as well as the profit margin that the company wishes to charge from its customers, which would be its major source of income. A company considers three aspects when determining the price of its products, i.