ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cost of producing the product
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Legislation
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State of the economy
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Technology
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Detailed explanation-1: -Penetration pricing. Set a low price to enter a competitive market and raise it later.
Detailed explanation-2: -The penetration pricing strategy involves offering a new product or service at a low initial price to gain customers’ attention. The goal is to aggressively get customers in the door with low prices and gain market share.
Detailed explanation-3: -Value-based pricing is one of the most common pricing strategies available. It simply asks, “What does a customer think my product is worth?” To find a starting price, looking at competition and their prices is a good place to begin.
Detailed explanation-4: -Price skimming. Market penetration pricing. Premium pricing. Economy pricing. Bundle pricing. Value-based pricing. Dynamic pricing. 17-Nov-2021