Compare and contrast the skimming and penetration price ...

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Compare and contrast the skimming and penetration price strategies. At what stage in the product life cycle are these strategies most likely to be used?

Question 2

Describe in detail the product mix for a purchase you are likely to make. Be sure to describe the basic product, product enhancements, product line, packaging, brand, trademarks and licensing, and levels of brand recognition.

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Answer to Question 1

The skimming price strategy introduces new products at a very high price. Quality and uniqueness of the product are emphasized to justify the high price. The penetration strategy uses low pricing to help capture a large market share early. A low introductory price may be offered to help establish a customer base. Both strategies can be used during the Introduction stage of the product life cycle.

Answer to Question 2

All concepts included in the question must be covered accurately.