# 1 – Pricing Strategies: Identity three types of pricing strategies. Select a good or service and compare the prices of two different companies associated with the goods or service. Why do different organizations have different pricing strategies for the same good or service?

# 2 – Do an internet search of the new product development process of any product of your choice, and analyze the process for developing the product. Review the reasons why new products fail and make two specific recommendations to improve the high failure rate of new products.

No cover page or reference page needed. Each question should be atleast 250-300 words.

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Pricing strategies

Three different types of pricing strategies include penetration pricing, competitor based pricing and cost plus based pricing. Penetration pricing strategy is used by businesses when they want to capture a particular market through entering the market with the lowest price possible. The price is set relatively low compared to the competitors in order to attract buyers. This is an effective strategy when businesses want to promote its products and services while creating awareness and letting people to try the product. Competitor based pricing strategy determines the market price by assessing the other competing companies. A company may therefore set a higher or lower price than the competitors depending on the specific product or service. Cost plus based pricing strategy ensures that a company analyzes all the costs of a product or a service and then adds a profit margin that it desires to the total costs..

APA

585 words