Discussion Post
Learned about the Product Life Cycle. In the Introduction phase, new (or modified) products are introduced to the market. This discussion has two parts.
Part I:
i. Create an infographic which differentiates and explains the pricing strategy options for firms when introducing new products to market:
a. Skimming price strategy
b. Penetration pricing
ii. In your infographic, be sure to provide enough details to distinguish between each strategy.
iii. In addition, provide examples of an existing product that, when introduced, utilized each type of strategy (you may not use the examples from your textbook).
Part II:
i. Visit and explore the kickstarter website to select a new product idea.
ii. If you were in charge of introducing this new product to market, which pricing strategy would you utilize?
iii. Provide a one-paragraph write-up which describes the new product, which introductory pricing strategy you would choose, and why you would utilize that strategy.
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.