Jorge Castilla willingly paid $499 for an Apple iPhone on the day it hit the market, even though it was far more expensive than cell phones he had bought in the past. He wasn't concerned about the price; he just wanted to be one of the first on campus to have this product. Consumers like Jorge are the target of firms using skimming pricing strategies.

Question

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The scenario describes a consumer willing to pay a high price for a new product, which is targeted by skimming pricing strategies that focus on charging high prices to early adopters.

Jorge Castilla Willingly Paid $499 for an Apple IPhone on the Day