Module 3 Assignment 1: Pricing New Product Offerings

Overview:

For this assigment, you will create an infographic and one paragraph write-up which describes several options for pricing new products as they are introduced to the market. Please follow the instructions below.

*To view the grading rubric for this discussion, click the name of the discussion, then click "Grading Information"

Instructions:

In Module 2, we learned about the Product Life Cycle. In the Introduction phase, new (or modified) products are introduced to the market. This assignment has two parts.

Part 1:

1. Create an infographic which differentiates and explains the pricing strategy options for firms when introducing new products to market:
   • Skimming price strategy
   • Penetration pricing
2. In your infographic, be sure to provide enough details to distinguish between each strategy.
3. 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 2:

1. Visit and explore the https://www.kickstarter.com/ website to select a new product idea.
2. If you were in charge of introducing this new product to market, which pricing strategy would you utilize?
3. 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.