The pricing strategy that calls for a new product being priced high to make optimum profit while there is little competition is called as Skimming price strategy
Skimming Pricing, also known as price skimming, is a pricing strategy that sets the price of new products higher and lowers them when competitors enter the market. Skimming prices are the opposite of penetration prices, which set lower prices for newly launched products in order to build a large customer base from the beginning.
Skimming pricing strategy refers to setting relatively high initial prices for new products or services for early adopters who are not price sensitive when there is a strong relationship between price and perceived quality. .. Prices can go down over time.
An example of a skimming strategy can be found primarily when major technology companies such as Apple, Samsung, and Sony are developing new technologies that are known to be in high demand.
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The opportunity cost of the aircraft carrier is the cost of the next best option China forgoes in order to build the aircraft carrier.
<h3>What is the opportunity cost?</h3>
Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives. Opportunity cost is also known as implicit cost. Opportunity cost is used in calculating implicit cost.
For example, if in deciding to build the aircraft carrier, China forgoes the opportunity to repair all the roads in china. Repairing all the roads in China is the opportunity cost.
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Answer:
One of the reasons why technology-driven scientists, in most cases, actually put benefit before form and technology in the creation process is that they have some idea of need that is leading them in their efforts.
