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Definitions:
Skimming Pricing
A pricing strategy where a new product is priced high initially to maximize profits from customers willing to pay more, before lowering the price over time.
Similar Goods
Similar goods are products that satisfy the same customer needs or desires and are often considered by consumers as interchangeable with each other.
Gradually Lowering
The process of slowly decreasing or reducing something over time.
Competitive Pricing
A pricing strategy where a company sets its product or service prices based on the prices of competitors, aiming to provide more value to customers.
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