Under this survey the awareness level on the basic pricing strategies called the skimming and penetration pricing is conducted among the young entrepreneurs. 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. ![]() 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. 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. 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. 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. The theoretical literature review methodology was employed in this research to answer the following question: what is the optimal pricing strategy should the marketer/decision-maker follow to achieve the firm goals? This study demonstrates the difference between the mentioned above (skimming and penetration) from different aspects. The right decision taken to determine the suitable price means the success of the product, which in turn, the success of the company through achieving its objective. On the other hand, avoiding the threat of competitors and leading the market through the high diffusion of the product are the main pros of penetration pricing. Gaining high profit in a short time and excellent customer's perception of the product quality is the most advantage of skimming pricing. ![]() Each type of these strategies has its merits and demerits. ![]() Some circumstances and factors affect which one of these strategies should be adopted. Skimming pricing strategy and penetration pricing strategy are the most popular pricing strategy followed by companies for pricing a new product. Many pricing strategies were developed as a response to the market's needs. Adopting a pricing strategy becomes crucial in the current high-competitive environment.
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