GoPro can utilize these pricing strategies to maximize their profit margin by first understanding their market and customer base. They can use Kotler's Matrix to understand the product-market fit and determine the right pricing strategy. They could consider Price Skimming if their products have unique features that justify a higher price initially. Penetration pricing could be used to gain market share quickly by setting a lower price. Freemium Conversion can be used to attract users to their basic product and then convert them to premium users. They should also consider internal and external pricing factors, conduct breakeven analysis and price sensitivity studies to understand the optimal price point. Premium pricing can be used if their products offer superior value compared to competitors.
Need to improve your product pricing to maximize your profit margin? This Pricing Strategies Toolbox...
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