Understanding Pricing Strategies in the Marketing Mix

The video explores the role of pricing in the marketing mix, emphasizing the need for a strategic approach. It covers two main pricing strategies: penetration pricing, which involves setting low prices to enter a market, and price skimming, which involves setting high prices to maximize profits from early adopters. Other strategies discussed include predatory pricing, loss leaders, price leadership, and psychological pricing. The video also examines factors influencing pricing decisions, such as production costs, competition, and price elasticity of demand.

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