Using a price skimming strategy, Sony Electronics stakes out a price and then maintains and defends that price by significantly increasing the value of its products in future iterations. Sony gives priority to profits over market share, making people starve for the new upgraded product. Sony$$s price skimming strategy is most often used for a new product when which of the following occurs?

Question $10$ options:

The product is perceived by the target market as having unique advantages

Competition in the market is abundant

The supply of the product is greater than its demand

Customers are unwilling to spend a large amount of money on the product