Pricing Strategies for Innovative Products: Balancing Value and Consumer Acceptance
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v6i5.4545
Abstract
This paper explores pricing strategies for innovative products, emphasizing the challenge of balancing value capture with consumer acceptance. It reviews the distinctive characteristics of innovations, including uncertainty and symbolic value, and explains how these factors shape perceived benefits. Key pricing approaches such as skimming, penetration, and value-based models are analyzed alongside behavioral influences like fairness, risk perception, and cultural attitudes. The study highlights flexible tactics, including phased pricing, versioning, and transparent communication, as essential to encourage adoption while protecting profitability. Findings suggest that aligning price with perceived value is central to achieving sustainable market diffusion.
Keywords
innovative products, pricing strategy, consumer acceptance, value perception, market adoption
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[2] Cöster, M., Iveroth, E., Olve, N.-G., Petri, C.-J., & Westelius, A. (2020). Strategic and innovative pricing: Price models for a digital economy. Routledge.
[3] Naruetharadhol, P. (2022). Innovative price-setting approaches to high-value products. Heliyon, 8(10), e10789. https://doi.org/10.1016/j.heliyon.2022.e10789
[4] Gopinath, R. (2025, August 5). Pricing strategy for new products. Retrieved from https://www.rajivgopinath.com/blogs/marketing-hub/fundamentals-of-marketing/marketing-strategy-and-frameworks/innovation-and-new-product-strategy/pricing-strategy-for-new-products
[5] Symson. (2025, March 27). The 5 most common pricing strategies. Retrieved from https://www.bdc.ca/en/articles-tools/marketing-sales-export/marketing/pricing-5-common-strategies
[6] Salesforce. (2025, January 10). Pricing strategy guide: Types, benefits & examples. Retrieved from https://www.salesforce.com/blog/pricing-strategy-examples/
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