With examples of each and reasons of its selection,describe under what circumstances would you recommend a skimming approach.
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If you have a product that is fairly differentiated and new in the market, that is, no one else is selling that product, then you can adopt the skimming approach. The purpose of this strategy is to gain revenues and taking advantage of being the first seller. For example, if your company has a product that has better and new features than the ones present before, you can use this strategy. This strategy can be used in products like Electronics, Cosmetics, medical and other treatments etc. The price of the product is reduced once the profits of the initial investment have been gained.
answered 4 months ago
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