Market skimming and penetration pricing strategies

Question

06 Mar 2024

Answer :

Word Count : 362

Market skimming and penetration pricing are two contrasting strategies used in marketing management to set initial prices for products or services. These strategies are based on different approaches to capturing value from the market and achieving specific business objectives.

1. Market Skimming:
Market skimming involves setting a high price for a product initially and then gradually lowering it over time. This strategy is typically employed when a company introduces a new product with unique features or benefits, allowing it to target early adopters or segments of the market ___ _____ _______ ________ _________ ____ _____ ________.
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