charging high prices for a new product to earn large profits during a time when there is little competition represents a __________ strategy.
charging high prices for a new product to earn large profits during a time when there is little competition represents a __________ strategy.
Answer: Charging high prices for a new product to earn large profits during a time when there is little competition represents a “skimming” strategy. This involves setting a high price initially and then gradually lowering it as competitors enter the market. This strategy is often used for innovative products or services that have a unique advantage over existing offerings, allowing companies to maximize profits before other players enter the market.
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