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:
- Create an infographic which differentiates and explains the pricing strategy options for firms when introducing new products to market:
- Skimming price strategy
- Penetration pricing
- In your infographic, be sure to provide enough details to distinguish between each strategy.
- 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).
- Visit and explore the https://www.kickstarter.com/ website to select a new product idea.
- If you were in charge of introducing this new product to market, which pricing strategy would you utilize?
- 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.
Submit your completed infographic and one-paragraph writeup using this assignment link.