Price Skimming with examples (HINDI)
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Welcome to our video on
Welcome to our video on price skimming! In this video, we'll be discussing what price skimming is and how it is used as a pricing strategy by businesses.
Price skimming is a pricing strategy where a business sets a high initial price for a new product or service, and then gradually lowers the price over time. The goal of price skimming is to maximize profits in the short term by capturing the demand from the most price-insensitive customers.
One key factor in successful price skimming is the existence of a price inelastic market, where demand for the product or service is relatively insensitive to changes in price. This allows the business to initially set a high price without losing too many customers.
There are several advantages to using price skimming as a pricing strategy. For one, it allows businesses to recoup their development and marketing costs quickly, as they are able to capture a larger share of the market with their high initial price. Additionally, price skimming can also be used to create a sense of exclusivity around a product or service, as the high initial price may be perceived as a sign of quality or exclusivity.
However, it's important to note that price skimming is not a sustainable pricing strategy in the long term. As the price is lowered over time, the business will eventually reach a point where the demand for their product or service becomes more price sensitive, and they may struggle to maintain profits.
We hope you enjoyed this video on price skimming. Be sure to check out our other videos for more information on business and economics!
Price skimming is a pricing strategy where a business sets a high initial price for a new product or service, and then gradually lowers the price over time. The goal of price skimming is to maximize profits in the short term by capturing the demand from the most price-insensitive customers.
One key factor in successful price skimming is the existence of a price inelastic market, where demand for the product or service is relatively insensitive to changes in price. This allows the business to initially set a high price without losing too many customers.
There are several advantages to using price skimming as a pricing strategy. For one, it allows businesses to recoup their development and marketing costs quickly, as they are able to capture a larger share of the market with their high initial price. Additionally, price skimming can also be used to create a sense of exclusivity around a product or service, as the high initial price may be perceived as a sign of quality or exclusivity.
However, it's important to note that price skimming is not a sustainable pricing strategy in the long term. As the price is lowered over time, the business will eventually reach a point where the demand for their product or service becomes more price sensitive, and they may struggle to maintain profits.
We hope you enjoyed this video on price skimming. Be sure to check out our other videos for more information on business and economics!
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