Mgt211 Gdb 1 Solution Spring 2022

Question Description: A product’s price is the value expected by its seller in exchange for a good to be sold or a service to be rendered. In the contemporary business world, pricing policy for a product is viewed as an attempt to maximize profit, enhancement in the market share, timely disposal of the stock, and gain some psychological advantages over the competitors. Notably, the pricing of a new product always differs from those of charging on existing products. Mgt211 Gdb 1 Solution Spring 2022

List down precisely the reasons why does the pricing of a new product differ from the existing product pricing?

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The Gdb Solution is: According to the given scenario, the pricing of the new product is differ from the existing product pricing because when a new product is launched, it comes with new features due to which its production cost also increases. Sometimes the price of the product goes above our value. When we make a new product, the labor for it will also be different. As compare to existing product Existing products will have old labor which will be less in terms of pricing. Compared to the existing products, the price of the new product is higher because different selling strategy is used in it. Quality control is also seen along with new features in the new product. In this case, the price of the new product is also different. There are various forms of pricing to determine the price of new product: Mgt211 Gdb 1 Solution Spring 2022

Price skimming
Fixed Price
Dynamic Price
Penetrating Pricing.

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