If your aim is to ace your pricing strategy assignments without help this semester, it is vital to have profound knowledge of some of the significant concepts associated with the subject. We know that you lack the time and patience to delve deep and thus, we have arrived at your aid.
Writing an exceptional pricing strategy assignment on various challenging topics for your institutions is indeed an excruciating affair. However, know that scoring A+ in your assignments would cease to be a rocket science once you are well-versed with the right concepts.
In today’s post, we will walk you through certain essential pricing strategy concepts that you should know. If you want to wow your professor with a stellar pricing strategy assignment, knowing these significant concepts will come in handy.
- Premium Pricing
Premium pricing is also popularly known as image pricing or prestige pricing. It is marking the price of a product much more than the industry products or the competitor’s standards. The idea is to encourage a perception among the group of buyers that the product has a higher value or more utility when compared to products of a competitor.
Vita Coco UK is an exemplary example of premium pricing. It was the very first coconut water brand to come to the UK market and has always set a premium price point, even after the competitors came into the sector.
- Penetration Pricing
A look at some impeccable pricing strategy assignment samples of eminent answer my assignment would reveal the fact that this is one of the 101 concepts you should be well-familiar with. It is a pricing strategy where initially the price of the products is kept lower than the competitor’s products. This is done to trigger the word of mouth marketing and gain most of the market share.
Example- Oneplus launched its flagship product Oneplus 1 that had all the features of an iPhone at a highly affordable price of $299. Once the company acquired a good market share, it started launching its products at a premium. Presently, the Oneplus phones are launched at the range of $500-$700.
- Price Skimming
Price skimming is a unique strategy whereby businesses set high prices for their service or products during the introductory phase. The idea is to maximise the profits on early adopters before competitors make their entry into the market and make the product more price sensitive. Knowing the nitty-gritties of this particular strategy would not only provide you with the much-needed help with your pricing strategy assignments but also hugely help in the long run.
Smartphones (both Android and iPhones) are introduced in the market at expensive rates, but as time passes eventually the price is reduced.
Next time before you say “Do my pricing strategy assignments’ make it a point to go through this article diligently. Knowing these crucial concepts would provide you with the required edge in the career.