A company is about to launch a new brand of paper towels. The new towels are more durable and absorbent than existing paper towels in the market. You have been asked to prepare a report considering both market-skimming pricing and market-penetration pricing strategies to establish a pricing strategy for the new paper towels. Please answer the following questions:1. What factors should be considered in determining the strategy?2. What strategy will be recommended for the new paper towels: market-skimming pricing or market-penetration pricing?3. Why has this strategy been selected?Have a great week!