After setting pricing objectives the next decision a marketer must make is on pricing strategy. A pricing strategy is a plan or course for achieving pricing objectives. The strategy sets guidelines for achieving pricing objectives. Pricing strategies form an important component of an overall marketing strategy and they determine the role of price in the marketing mix. They may relate to the introduction of new products, competitive or economic condition, government regulation or the realization of pricing objectives. There are a lot of strategies open to a marketer in his effort to achieve marketing objectives.
Penetrating Strategy
Price penetration strategy is a typical pioneer pricing strategy adopted mostly at the introduction of a new product, and in other instances, such as the saturation and product decline periods. Price penetration sets a[CONTINUE READING...]
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