A firm with a high status image and high customer brand loyalty should utilize a penetration pricing strategy.

Question

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A firm with a high status image and high customer brand loyalty is more likely to benefit from a premium pricing strategy, as their customers are willing to pay more for the perceived value and exclusivity of the brand. Penetration pricing, which involves setting a low price to gain market share, is not typically suitable for such firms.

A Firm with a High Status Image and High Customer