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?
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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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