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Kotler's Matrix, also known as the Product-Market Expansion Grid, is a strategic tool used in business to identify growth opportunities. The matrix has four key elements: Market Penetration, Market Development, Product Development, and Diversification. These elements can be applied to pricing strategies in the following ways:
1. Market Penetration: This involves selling more of the current products in existing markets. Pricing strategies here could include competitive pricing or price skimming to attract more customers.
2. Market Development: This involves selling current products in new markets. Pricing strategies could include penetration pricing to attract new customers in the new market.
3. Product Development: This involves developing and selling new products in existing markets. Pricing strategies could include premium pricing for innovative products.
4. Diversification: This involves selling new products in new markets. Pricing strategies could be a mix depending on the nature of the product and market.
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The template includes slides on Kotler's Matrix, Price Skimming, Penetration pricing, Freemium Conversion, Pricing Strategy Comparison, Price Data Collection, Breakeven Analysis, Price Sensitivity, Pricing Tables, Premium Pricing, Buyer Value Survey, Internal & External Pricing Factors, plus many more. Also, read to the end to learn how a company like GoPro could use these tools to price their products.
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Need to improve your product pricing to maximize your profit margin? This Pricing Strategies Toolbox includes some of the most useful and common prici...
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