What are the different promotional methodologies for a store?

There are a number of pricing strategies you can use to achieve growth goal. Each has the potential of producing a profit, and most are tied to the critical relationship of priceto-sales volume and stock turnover. Some strategies you may want to consider are -

(i) Price Skimming This refers to the practice of charging high prices for the purpose of maximizing profit in the short run. It works best when: The product is unique and people are willing to pay extra just to have it. There are trendsetters in society who always are looking for something new and are willing to pay the price. A larger number are followers, and they will buy your product if it is accepted by the leaders. The followers, however, will not pay the higher price. The cost of development is high and there is a chance of early obsolescence or " imitation by competitors. You have a strong patent position, or your product would be difficult to copy. The real disadvantage of skimming is that it attracts competition. Your competitors will soon figure out what you are up to, and the high profit potential will encourage them to copy you. They may produce cheaper versions of your product or style, referred to as knockoffs in the market. Once you have meaningfid competition on price, your skirnrmng days are over and you run the risk of ending up with a warehouse full of products that cannot be sold at any price.

(ii) Penetration Pricing The opposite of skimming is to introduce your product at such a low price that you will quickly gain a large share of the market. The purpose is to discourage competition. However, eventually you will have to raise your prices to start making some profit and, when you do; you will learn much about customer loyalty.

(iii) Buying a Market Position A variation of penetration pricing is to buy your way into the market with fiee samples or heavy coupons, for example, 20 Rupees off on a 69 Rupees purchase and above. This tactic is usually ______ ___ ________ _________ _______ ___ _______ ____ _____ _____ _______ _______.
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