Setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innova

Question

saw5 [17]

3 years ago

8

Setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innova

tive product is referred to as a

Business

1 answer:

GrogVix [38] · Answer 1 · 2021-11-28T09:30:04+03:00

I believe it's "Skimming Pricing" which is get initially the highest price of a product. If customers desire the product they will pay the high price.

If customers do not pay for the initial high price of a product, the company of the product will reduce the price.
Skimming price- means to originally (initially) get the highest price of a product for customers to buy; desired product works best. If customer demand fails; product price decreases.

Hope this helps :)