A producer’s strategy of setting a high price for an exclusive, new high- end product . Some examples are a very expensive perfume or a uniquely differentiating technical product, like a one-of-a-kind software or a very advanced computer. The goal is to achieve maximum market revenue before the eventual substitute products. The producer can always slash the price drastically to harvest the lower-end buyers and retain market share against the copycat competitors.
Black’s Law Online Dictionary
