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The two most popular new product pricing strategies are market skimming and market penetration pricing.

  • Market Skimming: involves setting high prices for new products or services during the introductory phase to target "early adopters" willing to pay a premium. After maximizing profits from these customers, the company gradually lowers prices to attract a broader customer base. For example, Apple launches new iPhone models at high prices and lowers them over time. Pharma companies also use this strategy for new drugs, initially pricing high to recoup development and marketing costs, then lowering prices as patents near expiration and generics enter the market.
  • Market Penetration: sets low initial prices to quickly reach many consumers, gain market share, and discourage competitors. It is often used in highly competitive markets or where there is a need for mass adoption to succeed. For instance, Netflix initially offered low subscription rates to attract a large user base and establish dominance in the online streaming industry.

Both strategies can be effective, but they serve different purposes. While skimming aims to maximize profit from high-end consumers, penetration pricing seeks to build market share and create barriers to entry for competitors. The choice of strategy depends on various factors, such as the nature of the product, market conditions, and company objectives.

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New product Pricing StrategiesMarket SkimmingMarket Penetration PricingEarly AdoptersPricing Over TimePharma PricingNetflix Pricing StrategyProfit MaximizationMarket ShareBarriers To Entry

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6.9 : New-Product Pricing Strategies

Capturing Customer Value: Price to Exchange

144 Ansichten

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6.1 : Price and Exchange

Capturing Customer Value: Price to Exchange

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6.2 : The 5 c's of Pricing

Capturing Customer Value: Price to Exchange

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6.3 : Internal Considerations Affecting Price Decisions

Capturing Customer Value: Price to Exchange

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6.4 : External Considerations Affecting Price Decisions

Capturing Customer Value: Price to Exchange

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6.5 : Pricing Methods

Capturing Customer Value: Price to Exchange

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6.6 : Pricing Strategies

Capturing Customer Value: Price to Exchange

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6.7 : Pricing Tactics I

Capturing Customer Value: Price to Exchange

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6.8 : Pricing Tactics II

Capturing Customer Value: Price to Exchange

118 Ansichten

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6.10 : Product Mix Pricing Strategies I

Capturing Customer Value: Price to Exchange

176 Ansichten

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6.11 : Product Mix Pricing Strategies II

Capturing Customer Value: Price to Exchange

417 Ansichten

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6.12 : Price Adjustment Strategies I

Capturing Customer Value: Price to Exchange

470 Ansichten

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6.13 : Price Adjustment Strategies II

Capturing Customer Value: Price to Exchange

261 Ansichten

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6.14 : Price Changes

Capturing Customer Value: Price to Exchange

125 Ansichten

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6.15 : Public Policy and Pricing

Capturing Customer Value: Price to Exchange

390 Ansichten

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