It involves setting a low initial price for a new product in order to gain a foothold
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What is price skimming?
Involves setting a high initial price for a new product in order to recoup costs, once the initial market has been 'skimmed off' then the company will lower the price
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What is dynamic pricing?
Dynamic pricing allows prices to change frequently and quickly in response to changes in demand. Made possible by using technology that tracks demand and levels of interest.
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Which of those pricing decisions is most suited for mass market?
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