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Does penetration pricing work? It definitely does, and it succeeds in taking your rivals completely by surprise, giving them no time to recover from your onslaught. If your sales pick up, thanks to word-of-mouth publicity, nothing else could be better.
1.Penetration price strategy is implemented with the sole intention of spreading your presence in the market. It is an appropriate marketing tool which creates a loyalty base for your product.
2.Deliberate underpricing is suitable for average quality products and new products under automobiles, computer accessories or cosmetics. It also works well for commodities with a shorter shelf life, such as consumable items. The distributors and retailers have reasons to cheer as penetration pricing effectively accelerates the turnover.
3.The low cost manages to generate an interest, especially among those looking to snag a bargain. After this, it is up to the product to impress the consumer. If it gets an approval from the consumer, the company can think of gradually increasing the cost and rake in actual profits.
4.It results in startling your competitors, more so if the product segment is overflowing with options for the consumer. If a rival product is looking to enter the market, your penetration pricing strategy will arrest it by grabbing a lion’s share in consumer preference. It puts your product in a vantage position to establish a firm hold in its arena.
5.There are also instances where companies have managed to pocket some profit despite using this strategy. The trick used here works on products that need add-ons to function. Cheap razors that need expensive cartridges or low cost printers, which function on outrageous refills illustrate this point.
6.When a product is placed in the market at an attractive “introductory price”, consumers expect a price rise in the near future, and sometimes decide to stock up on it, thus fulfilling the purpose of penetrative pricing. Mind you, this is only possible in cases of products launched by recognized brands. Read the rest of this entry »

Did you leave your previous job on an amicable note? If not, you may wish to reconsider the whole operation of getting your old job back, your current miserable status not withstanding. Assuming that you parted on good terms, getting back to your previous firm will be a notch easier. Let’s get started on “mission reapplication”.

Step 1: Making Contact
Having been a part of the organization, you are at an advantage. Contact your old colleagues to get an insider’s view on the hiring scenario. If everything appears to your liking, waste no time in establishing contact with the person in charge of hiring. Decide on the most appropriate means of bridging contact, it could be a phone call, an e-mail or a meeting.

Step 2: Update Your Resume
Do not undermine the importance of an updated resume even if you’ve worked for the company before. Your qualifications and abilities may be known to them, but you need to tell them what you’ve gained in the period you were away. It doesn’t matter if the nature of your work was completely different, a good resume will prove how it has helped you enhance your capabilities.

Step 3: Expect Scrutiny
You may be put through a full-fledged interview, in case of a management overhaul. Refrain from harping on your past achievements, focus instead on the current situation. The person in charge will already have an idea of your contributions. Shift to the present and stress on how you see yourself benefiting the organization now.

Step 4: Be Reassuring
You may not have left your previous firm in a lurch the last time you left, but expect to do a lot of reassuring this time around. Your boss is bound to put you on his suspicion radar, at least throughout your probation period. You must not fuel their insecurity by being lax with your tasks. Be on top of your job and make your company feel happy about rehiring you. Read the rest of this entry »