As discussed, the following are the brand's steps in setting price:

Select the price objective

Determine demand

Estimate costs

Analyze competitor's price mix

Select pricing method

Select final price

Provide an example of a brand that has utilized a market-penetrating pricing strategy and then shifted to a market-skimming pricing strategy. On a related note, is it possible for brands to market-skimming pricing strategy and then shifted to a market-penetrating pricing strategy? What are the inherent risks in doing so?