Pioneer pricing involves entering the market with a relatively high price. However, the early adopters of the product are more likely to buy the product at a higher price, as those buyers who are less sensitive to price are more likely to buy it. Once sales have stabilised, the price is then reduced to gain further market share from more mass-market buyers who are more sensitive to price. This strategy is suitable when the product is innovative or when the production cost is high at first, but economies of scale are likely to reduce costs in the long run.