![]() ![]() Moreover, it is important to notice that consumers are affected by psychological biases. Your firm must apply long-term-oriented goals to optimize your profit. Price decisions should never be based on gut feelings and quick initiatives. However, your firm must dedicate time and resources to optimize and analyze prices. A statistic shows that less than 5% of 500 companies prioritize a full-time position, which controls the strategic pricing situation of the firm. Based on this, your company should consider these pricing strategies when launching new products or going abroad.Įxperts are acknowledging that companies are often underestimating the need of prioritizing resources for price analysis. The same was valid for penetration pricing, as 20% of the companies also applied this strategy when expanding their business. In 20% of the cases, skimming pricing was applied by the companies to enter into new markets. ![]() In a study focusing on 663 new products, especially two pricing strategies were in focus. ![]()
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