Price skimming is finding out what customers are willing to pay for the product and pricing it accordingly.

Name: Price skimming is finding out what customers are willing to pay for the product and pricing it accordingly.
Brand: Quizplus
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Question

Price skimming is finding out what customers are willing to pay for the product and pricing it accordingly. ​

Quizplus · Accepted Answer

Price skimming involves setting a high price for a new product during its launch phase to maximize profits from segments of the market willing to pay a premium, and then gradually lowering the price over time.

Price Skimming Is Finding Out What Customers Are Willing to Pay