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http://getrankseo.com/seo-consultant/ established goodwill can adopt this pricing strategy. Generally people will think that costly products will be good in quality. Most companies price their products above the general profit level to maximize the revenue before other competitors begin offering similar products or product alternatives. Price skimming strategy can be initiated in the initial stage of the product life cycle. When similar products from other competitors enter into markets, the demand of the product can be increased by reducing the price. Thus price skimming strategy can give advantage to a business in two ways.
Psychological Pricing - There are certain price points where people are willing to buy a product. If the price of a product is $100 and the company prices it as $99, then it is called psychological pricing. In most of the consumers mind $99 is psychologically 'less' than $100. A minor distinction in pricing can make a big difference is sales. The company that succeeds in finding psychological price points can improve sales and maximize revenue.
Though advertising and promotional activities can effectively spread information about the product, it's the price of the product and the quality of the service that determines the sales. If the customer is satisfied with the price and quality, then he will become a regular customer and sometimes make others to buy the product. Online shopping on home computer with connection from providers like Time Warner Internet can offer you products at competitive prices.
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