GENERAL KNOWLEDGE

Detailed explanation-1: -Before you begin planning your product launch, you need to understand your audience. Conduct thorough market research to gain valuable insights into who your target customers are, and what they want. This research will form the basis of all other steps in your product launch plan, including your marketing strategy.

Detailed explanation-2: -1. Competition-Based Pricing Strategy. Competition-based pricing is also known as competitive pricing or competitor-based pricing. This pricing strategy focuses on the existing market rate (or going rate) for a company’s product or service; it doesn’t take into account the cost of their product or consumer demand.

Detailed explanation-3: -Marketing strategies used in the introduction stages include: rapid skimming-launching the product at a high price and high promotional level. slow skimming-launching the product at a high price and low promotional level. rapid penetration-launching the product at a low price with significant promotion.