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The skimming strategy should actually be called the pricing strategy for new products. This would make clear that it is a strategy to approach to pricing which is only used in relation to the introduction phase of the product life cycle. Here the marketing manager is seeking to maximise profits from sales to early adopters of its new products. The price is set high for introduction where there are a market of interested early adopters. Following a period, the price is lowered for a broader range of consumers.
Ex: Apple and Tesla

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The  penetration strategy should be called the penetration pricing strategy for new products. Like price skimming, penetration pricing is only relevant for setting the setting the prices for new products.
here the marketing manager sets the price of the new product deliberately low in order to penetrate the market - to build market share for the new product entering the market.
Think car manufacturer entering the Australian market.

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A pricing strategy, often seen in retail contexts, where a business prices one product at a price level that will make a loss in order to entice customers into the store where they will purchase baskets of other products with the objective to make an overall profit
ex: Woolworth, Coles

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the sale of a related range of. products at different prices, each price representing a distinctive level of quality. Also refers to psychological price points where prices are set not using whole numbers in order to psychologically present at a low price a product. Increase revenues and profits.
Ex; iphone $749 $999

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