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The Role of Pricing Pricing Strategies: Identity three types of pricing strategies. Select a good or service and compare the prices of two different companies associated with the goods or service. Why...

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The Role of Pricing Pricing Strategies: Identity three types of pricing strategies. Select a good or service and compare the prices of two different companies associated with the goods or service. Why do different organizations have different pricing strategies for the same good or service?
Answered Same Day Nov 20, 2020

Solution

Soumi answered on Nov 25 2020
157 Votes
Running Head: THE ROLE OF PRICING        1
THE ROLE OF PRICING         2
MARKETING MANAGEMENT
THE ROLE OF PRICING
Table of Contents
Three Types of Pricing Strategies    3
Comparing the Prices of Smartwatches in Two Different Companies    3
Reason behind Different Pricing Strategies for Same Product or Service by Different Companies    3
References    5
Three Types of Pricing Strategies
Pricing strategy refers to the technique that business companies follow to set their prices for products or services, which helps them to gain profitability as well as competitive advantage over their rivals in the market. According to Davcik and Sharma (2015), three commonly used types of pricing strategies are— premium pricing, economy pricing and price skimming strategy. Premium pricing strategy is followed for products or services that are exclusive for a certain group of customers, while economy pricing is for imparting basic price to the goods so that customers from all economic backgrounds can buy them. Lastly, price skimming is for products or services that are newly launched into...
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