microwave ovens were in the introduction stage of their product life cycle,some consumers were willing to pay exorbitant prices for these innovative ovens.Taking advantage of this strong consumer desire,marketers set the price for microwave ovens at the highest initial price possible.Marketers of microwave ovens used a __________ pricing strategy.

Question

Quizplus · Accepted Answer

The marketers of microwave ovens used a skimming pricing strategy by setting the highest possible initial price to take advantage of strong consumer desire during the introduction stage of the product life cycle. This allowed them to "skim" profits off the top before competitors entered the market and prices were eventually lowered.

Microwave Ovens Were in the Introduction Stage of Their Product