Setting a low price can make your offering more attractive to potential customers and gain a larger market share. This strategy involves setting a low price for your product or service to penetrate the market and gain a larger market share. Setting a high price means you can profit more from the early adopters willing to pay a premium for your offering. This strategy is often used when launching a new product or service onto the market. This involves setting a high initial price for your product or service to skim the cream off the top of the market. There are three common types of penetration pricing strategies: Just make sure that you have a solid plan in place before implementing this strategy. If used effectively, penetration pricing can be a powerful tool for growing your business.
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