Compare and contrast market-skimming and market penetration pricing strategies and discuss the conditions under which each is appropriate. For each strategy, give an example of a recently introduced product that used that pricing strategy.
Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
Compare and contrast market-skimming and market penetration pricing strategies and discuss the conditions under which each is appropriate. For each strategy, give an example of a recently introduced product that used that pricing strategy.
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