Distinguish between market-skimming pricing and market-penetration pricing.
Expert Answer
Market-skimming pricing and Market-penetration pricing, both are pricing schemes used by firms while introducing a new product in the market. Both the strategies are different from each other. The price of a product is higher when the product is introduced to the market in Market-skimming pricing and it decreases gradually as the product ages in the market. Best examples of this pricing are electronic products like mobile phones and laptops. It’s vice-versa in case of a Market-penetration pricing and the model example are a variety of services offered by telecom
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