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What factors influence the pricing strategy for a software product?
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Solved in 3 steps
- What are the implications of the product life cycle for a company's pricing strategy?Assume you are an entrepreneur of a new home technology product, how you can set your pricing policy? What are the main considerations in the determination of the price?Refer to the section on the Product Life Cycle. For each of the four stages of the Product Life Cycle, identify a product in the market that you think may be in that stage right now. Explain your reasoning for each product stage.
- Analyze the impact of software product pricing strategies on customer acquisition, retention, and overall profitability.What are the various pricing strategies available to the marketers who want to introduce a new products in a highly competitive market ?Describe the different stages of product life cycle. Please identify a product of your choice and mention at what stage the product is. Also, advice what steps needs to be taken so that the product can become more attractive to the customers.