The response that best describes charging a high price to achieve the highest profit over a short time is Skimming. This pricing strategy involves setting high initial prices for a new or innovative product to maximize profits from customers willing to pay the high price before gradually lowering the price to attract more price-sensitive customers later.
Question
Which of the following best describes charging a high price to achieve the highest profit over a short time?
Responses
Market pricing
Market pricing
Skimming
Skimming
Penetration pricing
Penetration pricing
Circular pricing
Circular pricing
1 answer
1 answer