INTRODUCTORY PRICE Meaning and
Definition
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The term "introductory price" refers to a special, often temporary, initial cost set for a product or service during its launch phase or as part of a promotional offer. It is a strategy commonly employed by businesses to generate interest, attract new customers, and create early adoption momentum for their offerings.
An introductory price can be significantly lower than the regular or standard price, providing a financial incentive for potential customers to try a new product or service. This reduced price may only be available for a limited time or to certain groups, such as early adopters or loyal customers.
The purpose of an introductory price is multifaceted. Firstly, it serves as a marketing tool, acting as a gateway to introduce a product or service to the target market. By offering a lower cost, businesses aim to capture attention and create excitement about their offering, hoping to foster brand awareness and customer loyalty in the long term.
Secondly, an introductory price allows businesses to gather valuable feedback from initial customers regarding the product's features, functionality, and value. This information can then be used to further refine the offering and make necessary adjustments before eventually transitioning to the regular price.
However, it is important to note that introductory prices are temporary and typically increase after the initial period ends. Therefore, customers should be aware of the regular price they may eventually need to pay once the introductory offer concludes.
Common Misspellings for INTRODUCTORY PRICE
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Etymology of INTRODUCTORY PRICE
The word "introductory" is derived from the Latin word "introductorius", which is formed from the verb "introducere" meaning "to lead in" or "to introduce". It combines "intro-", meaning "inside" or "within", with "ducere", meaning "to lead". "Introductory" originally referred to something that leads into or introduces something else.
The word "price" has its origins in the Latin word "pretium", which means "price" or "value". It has been adopted into various languages with similar meanings, including Old French as "pris" and Middle English as "prys".
When these two words are combined, "introductory price" refers to the initial or starting price that is set when introducing a new product, service, or promotion. It signifies that it is a special price offered at the beginning to attract customers or incentivize early adoption.
