How price skimming works

[cherry123]

Price skimming works when a new kind of product is introduced into the market. The aim is to gather as much profit for the product at that time when the consumer demand for the product is still very high and competition is still low at that point

Now, when the real goal is accomplished, the creator of the original product can lower prices to lure more buyers

 

[Heatman]

If you don't know how to set the pricing of your products very well as a business owner, it's always going to the number of sales you are having on daily basis especially when it is a new product.

 

[cherry123]

Yesh it works with you pricing your product high st the initial stage to make high profit before the other sellers will come in and they will be competition later