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) Prestige pricing

Question

Quizplus · Accepted Answer

Penetration pricing is the best choice when considerable competition is expected, as this pricing strategy involves setting a low initial price to penetrate the market and gain market share. This can help a new product to effectively compete with existing products and establish its position in the market.

Which of the Following Would Be Used in Setting the Price