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This is when ever a new product or service is researched by research and development department to collect the different ranges of prices available for products of the same nature. This will allow me to set prices for the individual products and services that are not going to be too expensive when compared to any other market leader.
Another of the strategies used is Penetration. This will enable me to captivate a lot of the market by setting a low introductory price and then raising it afterward.
Promotion -this is another important factor that must be analysed closely by any business.
I feel that I could use money off coupons to attract new customers and also to keep existing customers satisfied...
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