Which of the following would be used in setting the price of a new product if considerable competition is expected?
A)Psychological pricing
B)Penetration pricing
C)Odd-number pricing
D)Price skimming
E)Reference pricing

Question

Quizplus · Accepted Answer

Penetration pricing is a strategy used to enter a competitive market by setting a lower initial price to attract customers quickly. This approach can be effective in discouraging competitors and building a customer base.

Which of the Following Would Be Used in Setting the Price