Understanding how to effectively set and adjust prices helps businesses attract customers, maximize revenue, and respond to market changes. Additionally, well-defined pricing strategies can enhance brand perception and customer loyalty, ultimately contributing to long-term success.

Watch the video. 

1.Watch the video about these three pricing strategies. 

• • Price Skimming: Setting a high price initially and then lowering it over time.
  • Penetration Pricing: Setting a low price to enter a competitive market and attract customers quickly.
  • Status Quo Pricing: Setting prices similar to competitors to maintain market share.

2. Create a written story or a video about your chosen pricing strategy and why you are using it for your product. 

• • Make sure that it shows your understanding of your chosen pricing strategy in your real-world scenario (e.g., launching a product, a food item, your etc.).
    • Incorporate creativity to make it engaging!

3. Look at another idea for a pricing strategy.

• • Evaluate the pricing strategy and give feedback. 
    • Can you think of any additional examples that would fit the strategy?
    • What specific elements helped you understand the strategy better?
    • How will the strategies affect consumer behavior?
    • Are there situations where one strategy might be more effective?

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