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Price skimming can create a perception of the product's value being high. This is because the initial high price can make the product appear premium or exclusive, which can be attractive to early adopters who are willing to pay more. However, as the price is gradually reduced, it can attract a broader market segment. The risk is that if the price reductions happen too quickly or frequently, it may lead to a perception that the product is less valuable or of lower quality.
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Cost-Plus Pricing – the process of simply calculating your costs and adding a mark-up. Competitive Pricing – the process of setting a price based on what the competitors' prices. Value-based Pricing – the process of setting a price based on the customer's price expectations. Price Skimming – the process of setting a higher price and bringing it down as the market evolves. Penetration Pricing – the process of setting a lower price to enter a competitive market and rising it with time.
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Take the most advantageous pricing approach to increase profitability of your organization. Use our Pricing Strategies presentation to outline factors...
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