Timber Guitars, a guitar manufacturing company, launched 1000 high-quality, limited-edition guitars worldwide at a premium price of $10,000 per guitar. The company offered the lower-priced version of the same guitar after the first 1000 limited-edition guitars were sold out. In the context of pricing strategies, it can be concluded that Timber Guitars has adopted the strategy of _____.

Question

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Timber Guitars used skimming pricing by initially setting a high price for the limited-edition guitars to maximize profits from early adopters before introducing a lower-priced version.

Timber Guitars, a Guitar Manufacturing Company, Launched 1000 High-Quality, Limited-Edition