Distinguish between:
(a) Skimming pricing and Penetration pricing
(b) Brand and Private label 

(a) Skimming pricing and Penetration pricing

Ans : Skimming Pricing and Penetration Pricing are two distinct pricing strategies used by businesses to introduce and establish their products or services in the market. Here's a comparison to distinguish between the two:

Skimming Pricing:

1. Introduction of Product:
   • Skimming pricing is often employed for new or innovative products entering the market.
2. Initial High Price:
   • The product is initially priced at a relatively high level compared to competitors' offerings. This high price is set to maximize early profits from those customers who are willing to pay a premium for the product.
3. Target Market:
   • Skimming pricing targets early adopters, tech enthusiasts, or customers who value having the latest and most advanced product.
4. Gradual Price Reductions:
   • Over time, the price of the product is gradually reduced to attract a broader customer base, including more price-sensitive consumers.
5. Objective:
   • The main objective of skimming pricing is to maximize revenue and profit margins in the early stages of the product's lifecycle when demand is typically inelastic.
6. Product Characteristics:
   • Products suited for skimming pricing are often characterized by unique features, limited competition, and a segment of the ________ ______ _________ _________ ______ _____ ____ ______ _________.
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