Answer :
Answer:
Skimming
Explanation:
Price skimming, also known as skim pricing, is a pricing strategy used by those who face little or no competion, what normally happens is that a firm charges a high price and then gradually may need to lowes the price to attract more customers.
Price skimming is used to earn large profits especiallyn when a new product or service is introduced into the market. The pricing strategy is largely useful iwhen the firm is the first to enter the marketplace. The aim of this is to generate the large profit in the shortest time possible.
Answer:
Charging high prices to earn large profits during a time when there is little competition represents a COST-BASED
Explanation:
Cost-based pricing helps to accumulate high profits as a result of addition of cost of materials, labor, with the overhead cost in order to yield a profit at a specific price