Watch the following brief video on How to Create the Most Profitable Pricing Strategy for Your Business: http://www.

Watch the following brief video on How to Create the Most Profitable Pricing Strategy for Your Business: http://www.inc.com/rachel-cohen/how-to-create-the-most-profitable-pricing-strategy-for-your-business.html

What is the difference between a penetration pricing strategy and a skimming pricing strategy? Under what circumstances would each be used? Give some examples of when you have observed either or both of these in action. Were you aware of what was going on? 

own words please