Directly impacts company profits

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Reference no: EM133622854

Question

Pharapase Pricing is an important decision marketing executives make because it directly impacts a company'sprofits. The same pricing strategy needs to change depending on what phase theproduct is in its lifecycle. The simulation is in the introduction and growth phases ofthe product lifecycle, and it is important to invest the time and money to get product exposure and findthe right market. In this phase pricing can be relatively low or high depending on if the company isfocused more on developing a customer base or making up for development expenses. At this point in the simulation, I suggest focusing on penetration pricing to ensure we areattractive to the mass market that is our intended target audience. Penetration pricing is when a product is initially set at a low price to immediately appeal to the mass market.

Reference no: EM133622854

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