Jaggd Inc., an electronic goods manufacturing company, was planning to launch its latest smartphone in the market. Within the first few days of launching the phone, Jaggd wanted to earn as much revenue as the cost incurred in manufacturing the phone
So, it priced the phone about as high as the market would allow. In this case, Jaggd entered the market with a__________approach to pricing the smartphone.
Fill in the blanks with correct word.
ANSWER: profit maximization
Jaggd entered the market with a profit maximization approach to pricing the smartphone. Profit maximization means setting prices so that total revenue is as large as possible relative to total costs.
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