Examlex
Describe the function of an economic community and explain how its policies can be advantageous to marketers. Give two examples of important economic communities.
Penetration Demand
A marketing strategy aimed at gaining customers by entering the market with a low price for a new product, increasing market share rapidly.
Skimming Demand
A pricing strategy that involves setting high prices initially to target consumers willing to pay more, before lowering the price over time to attract a broader market.
Prestige Pricing
A pricing strategy where prices are set high to create a perception of exclusivity and high quality, often used for luxury goods.
High-quality Product
A product that surpasses ordinary standards of performance, durability, and design, and meets or exceeds customer expectations.
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