1. Explain the pricing strategies and identify/describe ONE example for EACH strategy. For example, the Playstation 3 was originally sold at $599 in the US market, but it has been gradually reduced to below $200. This is an example of "Price Skimming", which is used when a company seeks to introduce a new product to consumers who are not sensitive to price. Eventually, competition will force the company to drop the price.

Answer rating: 100% (QA)

1 Price Skimming Explanation Price skimming involves setting a high initial price for a new product or service and gradually lowering it over time Thi... View the full answer