Question

Socket Electronics creates a new, high-end laptop. It researches the highest possible price consumers would be willing to pay for the computer due to its premium graphics and top-of-the-line performance. The company decides to list it at $4,000. The pricing strategy Socket Electronics is using is

Answer 1

The pricing strategy Socket Electronics is using is premium pricing.

What is a pricing strategy?

A pricing strategy is a model of establishing the best price for a product or service so that the company can:

• Maximize profits and shareholder value
• Satisfy consumer and market demand.

Premium pricing is one of the pricing strategies that a company can adopt, including

• Price skimming
• Dynamic pricing
• Economy pricing
• Bundle pricing
• Value-based pricing
• Market penetration pricing.

Thus, the pricing strategy Socket Electronics is using is premium pricing.

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