​Lang Industries Is Introducing a New Product and Will Use

question 127

Multiple Choice

​Lang Industries is introducing a new product and will use price skimming to set the price.Price skimming is

• A) ​the strategy of charging the highest possible price for a product during the introduction stage of its life-cycle.
• B) ​a way for the seller to secretly pocket extra money charged for a product but not recorded on the company books.
• C) ​raising prices above a fair price.
• D) ​a means of increasing competition in order to raise prices even higher.

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Definitions:

Strategic Intelligence

Information gathered and analyzed regarding the longer-term strategies of competitors or market trends, to support high-level decision-making.

Data Mining

The process of analyzing large datasets to discover patterns, trends, and insights that can inform decision-making and strategic planning.

Legal Restrictions

Laws or regulations that limit or regulate certain actions or practices within a society or industry.

Memorable

Something that is easily remembered or leaves a lasting impression due to its distinctiveness, significance, or emotional impact.