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What pricing strategy involves setting the price of a product artificially low to gain market share and gradually increasing it afterward?
- a)Value Pricing
- b)Penetration Pricing
- c)Price Skimming
- d)Premium Pricing
Correct answer is option 'B'. Can you explain this answer?
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What pricing strategy involves setting the price of a product artifici...
Penetration pricing is a strategy where a product is initially priced lower than its market value to attract a large number of customers and gain a substantial market share. Once the market share is established, the price is gradually increased. This approach is often used to capture attention and build customer loyalty before transitioning to higher pricing.
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What pricing strategy involves setting the price of a product artificially low to gain market share and gradually increasing it afterward?a)Value Pricingb)Penetration Pricingc)Price Skimmingd)Premium PricingCorrect answer is option 'B'. Can you explain this answer?
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