In your own personal understanding what is
1.prestige pricing
2.market skimming pricing
3market penetration pricing
4.product bundling pricing 5.Discriminatory pricing
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In your own personal understanding what is
1.prestige pricing
2.market skimming pricing
3market penetration pricing
4.product bundling pricing 5.Discriminatory pricing
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Answer:
1.A pricing strategy in which prices are set at a high level, recognising that lower prices will inhibit sales rather than encourage them and that buyers will associate a high price for the product with superior quality; also called Image Pricing.
2.A pricing approach in which the producer sets a high introductory price to attract buyers with a strong desire for the product and the resources to buy it, and then gradually reduces the price to attract the next and subsequent layers of the market.
3.Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering. ... Market penetration pricing relies on the strategy of using low prices initially to make a wide number of customers aware of a new product
4.Price bundling, also product bundle pricing, is a strategy that retailers use to sell lots of items at higher margins while providing consumers a discount at the same time.
5.Many industries, such as the airline industry, the arts and entertainment industry, and the pharmaceutical industry, use price discrimination strategies. Examples of price discrimination include issuing coupons, applying specific discounts (e.g., age discounts), and creating loyalty programs.
Explanation:
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