What pricing strategy involves setting a low initial price to quickly penetrate the market and gain a large market share?a.Psychological pricingb.Penetration pricingc.Value-based pricingd.Skimming pricing
Question
What pricing strategy involves setting a low initial price to quickly penetrate the market and gain a large market share?a.Psychological pricingb.Penetration pricingc.Value-based pricingd.Skimming pricing
Solution
The pricing strategy that involves setting a low initial price to quickly penetrate the market and gain a large market share is b. Penetration pricing. This strategy is used to stimulate market growth and capture market share by deliberately offering products or services at reduced prices.
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