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Price skimming focuses on selling products to Innovation and early adopters in the consumer adoption process model.
What is Price skimming?
Price skimming is a technique for product pricing when a business sets its starting price as high as its target market would tolerate before gradually lowering it. The company reduces the price to appeal to a different, more price-sensitive portion of the population as the demand of the initial clients is met and competition enters the market.
When a new category of goods is introduced to the market, price skimming is frequently used. While customer demand is high and competition has not yet entered the market, the objective is to generate as much income as possible. The price skimming model works best when applied for a brief period of time, allowing the early adopter market to saturate.
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