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Price Skimming
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=g98eOPnQlkk
In this video we explain the concept of price skimming. • #alevelbusiness #businessrevision • VIDEO CHAPTERS • 00:00 Introduction • 00:25 What is price skimming? • 01:14 When should price skimming be used? • 01:49 Market conditions for price skimming to work • VIDEO SUMMARY • This video is about a marketing strategy called price skimming. • Price skimming is a pricing strategy that sets a high initial price for a new product or service. This is done to maximize profits from early adopters who are willing to pay a premium to be the first to have the product. The high price can also create a sense of scarcity and exclusivity, which can further increase demand. • For price skimming to work well, the product must be of high quality and have a well-established brand image. The company must also be able to deter competitors from entering the market with similar products. • Here are some key points about price skimming: • It is a pricing strategy that sets a high initial price for a new product or service. • It is done to maximize profits from early adopters who are willing to pay a premium to be the first to have the product. • The high price can also create a sense of scarcity and exclusivity, which can further increase demand. • In order for price skimming to work well, the product must be of high quality and have a well-established brand image. • The business must also be able to deter competitors from entering the market with similar products.
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