Skimming and Penetration Pricing A Dynamic Strategy for Organisational Growth and Successful Expansion – Young Budding Entrepreneurs’ Perspective

This survey has been taken to understand how young budding entrepreneurs' viewpoint is on the pricing strategies, which is embodied in the current market scenario. As prices are the foundational segment any business's revenue, selecting the optimal pricing strategy is quite challenging task for every business as this pricing strategy impacts the growth of the firm and the expansion process. The pricing strategies can be set to achieve various objectives such as winning a large market share or to discourage competitors from entering the market. Taking the fundamental pricing strategies into consideration the penetration pricing and skimming pricing achieve different objectives such as obtaining large market share and premium brand recognition respectively [1]. So out of the various dynamic strategies what is contributing to the organisational growth and successful expansion is debatable as some consumers likely to associate less expensive products with cheap quality and the products of a higher price will tend to be associated with higher value [2]. Under this survey the awareness level on the basic pricing strategies called the skimming and penetration pricing is conducted among the young entrepreneurs. This study aims to evaluate the impact of pricing strategy stimulating market growth which leads to expansion and also to study how challenging to select penetration pricing strategy in order to win large market share. Effort has also to been taken to offer suggestion to improve on choosing the best pricing strategies. The young budding entrepreneur's insights on the impact of pricing strategy is collected in this survey. A strong association between pricing tactics and the age, gender, and educational background of the young aspiring entrepreneurs was discovered through this lengthy investigation. It has also been demonstrated that choosing a pricing strategy for gaining a sizable market share is rather difficult. Additionally, it is shown that the skimming price strategy and market expansion and growth are strongly related [3].