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-even pricing
D) Price skimming
E) Prestige pricing

Question

Quizplus · Accepted Answer

Penetration pricing would be the best choice if considerable competition is expected, as it involves setting a low price for a new product in order to attract customers and gain market share quickly. This strategy is commonly used when entering a highly competitive market.

Which of the Following Would Be Used in Setting the Price