The Pricing Objective described in the question above is Price Skimming. This is usually used when the market is not yet saturated with competitors. Hence, the supplier uses this to maximize profit.
This is a pricing objective or strategy wherein the firm fixes the highest price possible on entry into a market.
This price is then lowered over time as more competitors enter into the industry. By this time, the firm has established brand dominance and gotten the rich of society to pay for the first products
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https://brainly.com/question/5776677
