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Marketing Managemant - Essay Example

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Marketing Managemant

However, this is not always the case. Sometimes firms charge higher prices when they enter a new market. This strategy is referred to as Price Skimming by the market tacticians. For example, Governments often set prices high in a marketplace where it considered that increase in competition will contribute towards market efficiency. For example, In Saudi Arabia the oil cost to the government is extremely low but they charge a good amount of price in the market to encourage more competitors in the market. This is just one example. Another example of this can be the market public utilities where huge sums of investments are required. The governments in order finance such large investments often keep high initial consumer prices to make sure that more and more companies enter the market and total investment in the country increases as it has many macro-economic advantages. Price skimming is said to be very advantageous for the new firm entering the market and also for the marketing as a whole. For a higher price would mean higher profits for the firm itself and they won't have to resort to lower revenues and lower profits in the context of penetration pricing. ...Show more

Summary

Firms often set low prices when they enter a new market to gain some market share in the market and induce people to make trial purchases to boost their profits. This strategy of the firms is called penetration pricing. This adopted by firms to compete with the already established and bigger brands and in order to cannibalize the market share of other firms who are dominating the market…
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Marketing Managemant essay example
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