It plays a crucial role in gaining market share, building brand awareness, and fostering customer loyalty by enticing them with an affordable and attractive pricing point. Penetration pricing is an important business and finance term, as it refers to a strategic approach that introduces new products or services at a lower price to enter a competitive market and attract customers. Once the desired market share is achieved, gradually increase the price to a level that maintains a balance between customer satisfaction and profitability. Monitor the progress of the product’s market share and customer base, making adjustments to the pricing strategy as needed.Promote the product by highlighting the value proposition and emphasizing the competitive pricing in marketing campaigns.Set a low, yet sustainable price that can still generate profits but is low enough to encourage customers to try the new product or service. ![]()
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