Asked by Arlyn Gonzales on Sep 28, 2024
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A skimming strategy involves charging a high price for an innovative product early in the product life cycle.
Skimming Strategy
A pricing strategy in which a company charges the highest initial price that customers will pay and then gradually lowers the price to attract more price-sensitive customers.
Product Life Cycle
A concept that describes the stages a product goes through from development to withdrawal from the market, including introduction, growth, maturity, and decline.
Innovative Product
A product that introduces new features, functionality, or improvements that distinctly set it apart from previous versions or competitors.
- Determine the various stages of the product life cycle and ascertain their impact on marketing decisions.
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Learning Objectives
- Determine the various stages of the product life cycle and ascertain their impact on marketing decisions.
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