ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Offering specially-reduced prices can be a powerful tool. This could be a clearance discount to sell old stock, a discount for making multiple purchases of the same or similar products, or you could offer bulk discounts to encourage larger orders. You should be able to make these more profitable through lower costs.

Detailed explanation-2: -Skimming Pricing Strategy A skimming pricing strategy is when companies charge the highest possible price for a new product and then lower the price over time as the product becomes less and less popular. Skimming is different from high-low pricing in that prices are lowered gradually over time.

Detailed explanation-3: -Start by demonstrating why your product is worth the price, and customers will pay it. Your product may have functional value. It may save customers time, make a process easier, give the customer variety, or connect them with other people. It may reduce risk, prevent problems, or make the customer more organized.

Detailed explanation-4: -Offer new customers discounts and promotions. Ask for referrals. Recontact old customers. Network. Update your website. Partner with complementary businesses. Promote your expertise. Take advantage of online ratings and review sites. More items •28-Feb-2020

Detailed explanation-5: -Reasons to lower your prices. Run the numbers to determine your new price. Create a price-cutting strategy. Set your new prices. Market the price cut by emphasizing features, not pricing. Consider rebranding or repackaging. Offer price-matching. Increase your value instead of lowering prices. 17-Nov-2021