October 9, 2017

Pricing strategies in marketing

 

Well, it is not a secret to anyone that pricing strategy is one of the most important ones in the field of marketing. So, here are the most common strategies: premium pricing; penetration pricing; economy pricing; price skimming and psychological pricing.

Pricing
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The strategy of premium pricing presupposes that a company establishes a higher price than their competitors for a particular product. It is done in order to highlight a unique feature of a product or to show its advantage in relation to similar products on the market. Speaking about penetration pricing, the idea is to enter the market with a lower price so that to attract the buyers. Economy pricing is basically a low-cost approach to marketing. Nevertheless, it works. When price skimming is applied, the goal is to gain maximum revenue advantage. The strategy of psychological pricing is known to lots of consumers. When the price for something is $14,99 for instance, consumers tend to think that it is less than $15. This is exactly how psychological pricing works.

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