1.Although the price strategies for new products and the price adjustment strategies have different concepts, they have some similiarities. The price strategies for new products can go either two directions: market- skimming or market-penetration pricing. For the market-skimming, retailers set their new product at a high price but not too high that it "...cancel(s) the advantage of charging more". The market-penetration is the opposite where they set their price low in order to attract customers. If you compare this to the psychological pricing strategy, the retailers modify the prices for a psychological effect. This puts in the customers' minds that the quality of the product is better because they're spending more.2. I personally feel like price adjustments in the marketing field of any product is very important. It determines if your product will be sold. All companies need to take customer feed back and ideas into consideration when it comes to their products and pricing them, which is basically " good value pricing'. Pricing in todays world just keeps going up and up so this is going to be a on going issue, so with that being said you want to make sure your prices and quaiity of all products are competitive and just a few cents lower in price because people will and do look for that. It's a good idea for companies to use 'value adding pricing" by offering adding any value to their product and charging and then that will up the cost to the product as well as making more of a profit.
This question was answered on: Sep 21, 2023
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