Question

The ideal solution to the problem of pricing is selecting a pricing method that suits the goals of the management of a company and its cost structure’. Explain the different pricing methods of a product?

Answer 1

Answer:

Types of Pricing Strategies

Competition-Based Pricing.

Cost-Plus Pricing.

Dynamic Pricing.

Freemium Pricing.

High-Low Pricing.

Hourly Pricing.

Skimming Pricing.

Penetration Pricing.

Price Skimming

This strategy tends to work best during the introductory phase of products and services. It involves introducing a product to the market at a premium price, then methodically lowering the price over time to attract a larger customer base.

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