Skimming Definition In Marketing

WEB Skimming: The Essence of Strategic Pricing

What is WEB Skimming?

WEB skimming, also known as price skimming, is a marketing strategy that involves setting a high initial price for a product and gradually reducing it over time.

Benefits of WEB Skimming

WEB skimming offers several benefits for businesses: *

Maximizing profits from early adopters who are willing to pay a premium for new products

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Establishing a premium brand image and creating exclusivity

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Discouraging competition by creating a high barrier to entry

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Testing customer demand and willingness to pay

When to Use WEB Skimming

WEB skimming is an effective strategy for products that: *

Are innovative and have a high perceived value

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Have limited competition or are protected by patents

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Target affluent or early-adopter customers

Steps Involved in WEB Skimming

Implementing WEB skimming involves the following steps: 1.

Set a high initial price based on market research and customer demand

2.

Gradually reduce the price over time in response to changing market conditions

3.

Monitor sales and adjust the pricing strategy as needed

Conclusion

WEB skimming is a powerful pricing strategy that can help businesses maximize profits and establish a premium brand image. By carefully considering the factors involved, businesses can leverage WEB skimming to achieve their marketing goals.