Pricing Strategies and emerging platforms

Question 1

What is market skimming

Answer 1

Start price slightly above industry average and then gradually decrease

Question 2

What is premium pricing

Answer 2

Very high price due to the quality and luxuriousness of the product

Question 3

What is penetration pricing

Answer 3

Start below industry average to generate sales then gradually increase

Question 4

What are emerging platforms

Answer 4

social influencers, video and live streaming, and augmented reality

Question 5

Influence(rs)

Answer 5

• word of mouth to tiktok, insta, snap, and youtube
• 3000+ is considered influencer
• celebs, industry experts, bloggers, and micro-influencers
• gen z engagement

Question 6

What to consider when setting price?

Answer 6

• production costs
• marketing objectives -> identification of target market, increase market share
• price sensitivity of consumer
• competitive environment
• new/existing product