Assume you are a marketing manager introducing a new product to the market. First, pick a specific brand/product to write about.

• Provide a shortlist of possible costs associated with producing your company's product and/or services.
• Now, describe the concepts of price skimming and penetration pricing.
• Compare the advantages and disadvantages of each strategy for the firm and the advantages and disadvantages to the consumer.

How can this impact the industry as a whole?