The pricing strategy most commonly used in the introductory stage of the product life cycle is price skimming.
Companies make use of many pricing strategies at the initial stage of a product to make the product more profitable. The most common price strategy is the skimming. It is method of introducing a new product into the market with a higher price. Then the price of the product is subsequently lowered when other similar products are introduced into the market. This method is adopted to attract more profit from the product from the initial stage itself.
Such pricing strategies are implemented aiming maximum profit to the business. Price skimming is widely used in high-tech industries manufacturing electric and electronic gadgets.
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