What is the difference between penetration and skimming pricing?
An example of an AI chatbot conversation about pricing strategies in marketing.
Can you explain the difference between penetration pricing and skimming pricing?
Sure! Penetration pricing involves setting a low price to enter a competitive market and attract customers quickly.
And what about skimming pricing?
Skimming pricing sets a high initial price for a new product, targeting customers willing to pay more before lowering the price later.
What are the advantages of each pricing strategy?
Penetration pricing can quickly build market share, while skimming pricing can maximize profits from early adopters.
Can you give examples of products that use these strategies?
Certainly! New tech gadgets often use skimming pricing, while subscription services might use penetration pricing to attract users.
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