Price skimming is often used as an inducement to get consumers to switch brands or companies.

Name: Price skimming is often used as an inducement to get consumers to switch brands or companies.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Price skimming is a pricing strategy where a firm charges a high initial price for a product or service at the beginning and then lowers the price over time, not specifically to induce brand switching but to maximize profits from different market segments.

Price Skimming Is Often Used as an Inducement to Get