Which pricing strategy is a business using when it initially sets a higher selling price and then reduces the price as competition begins to grow?

Name: Which pricing strategy is a business using when it initially sets a higher selling price and then reduces the price as competition begins to grow?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Skimming is a pricing strategy where a business sets a high initial price and then gradually lowers it as competition increases or as the product moves through its lifecycle.

Which Pricing Strategy Is a Business Using When It Initially