What are some of the most relevant pricing strategies?
Three commonly used methods:Price skimmingPrice penetrationcost plus pricingPrice skimming is when a company sets a relatively high initial price when launching a product into the market. Then as time progresses, the price is lowered to attract additional customers. Price Penetration is the opposite to price skimming, where price is initially set low to attract customers from competitors. Cost-plus pricing is where suppliers add a markup to the cost of producing a product.
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