Some strategies to gain market share through pricing include: 1. Penetration pricing: This involves setting a low initial price to attract customers and gain market share quickly. Once a significant customer base is established, prices can be gradually increased. 2. Economy pricing: This involves setting prices at a level that a majority of consumers can afford, thereby attracting a larger market share. 3. Price skimming: This involves setting high prices for a new product or service at the outset in order to maximize revenue from the customers willing to pay more. Once this customer segment is saturated, prices can be lowered to attract a wider customer base.
Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes...
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