Omg. .... Is skimming same as swimming ??? .🤫

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 Skimming pricing is a pricing strategy where a company sets a high initial price for a new product or service during its introduction to the market. The term "skimming" refers to the company aiming to "skim" the cream of the market by targeting early adopters, tech enthusiasts, or those willing to pay a premium for the novelty and exclusivity of the product.


The key characteristics of skimming pricing are:


1. High Initial Price: The product is launched with a premium price, which allows the company to maximize revenue from the segment of customers who are less price-sensitive and eager to be among the first to own the product.


2. Limited Market Penetration: Skimming pricing is typically used for innovative or unique products with limited competition, enabling the company to focus on a specific market segment.


3. Price Reduction Over Time: As the product life cycle progresses and competition increases, the company gradually lowers the price to attract more price-sensitive customers and expand its market reach.


Skimming pricing can be beneficial for companies that invest heavily in research and development or have a product with distinct features, allowing them to recover costs quickly and capitalize on early adopters' enthusiasm. However, it's essential to balance the strategy carefully, as excessively high prices may deter potential customers or lead to backlash if perceived as exploitative. As the market evolves, competitors enter, and production costs decrease, the company usually transitions to more competitive pricing strategies to maintain market share and reach broader customer segments.

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