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ESSAY: Pricing Strategies

Discuss the different pricing strategies a seller can use along with the key features of each. Provide examples of current marketplaces where these types of pricing arrangements are shifting dramatically.


Pricing Strategies

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The different pricing strategies are penetration pricing, premium pricing, economy pricing, and price skimming.

Penetration pricing is mostly used by new startup businesses so that they can get their foot into the market (Lehmann & Buxmann, 2009). Penetration pricing involves a situation where a business opts to offer low prices on its products. Premium pricing is where a business opts to set prices that are higher when compared to the competitors. This is a type of pricing that a new business offering luxury products can use and do well with the same. It is mostly used when one offers perfect and unique products in the market.  Economy pricing is mostly applied when operating as a discount retailer (Popescu & Wu, 2007). This form of pricing is put in place when targeting consumers who are price-conscious. Price skimming is a form of pricing where the price of a product is kept high when being introduced into the market (Dunsby, 2019). This is done with the intention of capitalizing on the sales of new products that are introduced into the market.

Penetration pricing was used by Netflix when it was launched in the year 1997. This has since then changed as it got its position in the market.

Vita Coco UK has been making use of premium pricing. The company sells coconut water, and it has set a premium price regardless of the competitors that come into the market.

Pound land is a company that has made use of economy pricing to a great extent. Most of its products are set at 1 Euro (Dockner & Jørgensen, 2008).

Apple is a well-known company that has been using the price skimming strategy. When launching the iPhone, the company attached a high price on it in as much as it was still a new product. This strategy helped in ensuring that consumers got value for what they paid for…

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