Question

3M is a master of the __________ pricing strategy. According to a 3M manager, “We hit fast, price high, and get the heck out when the me-too products pour in.”

Answer 1

Answer:

The correct answer to the given question is skimming pricing strategy.

Explanation:

Skimming pricing strategy is a type of pricing strategy where a company which has recently introduced a new product in the market, is selling that product at high price because of the unique features of that product and benefits that product gives to the consumers. But after sometime, company slowly decreases the price of the product a sit gets older and at that time time company employs competitive pricing to compete with other companies in the market. This type of pricing strategy is most commonly used for technological products, where demand for the product is not consistent.