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Question
Which of the following pricing strategies are used when adopting a penetration pricing strategy?
Which of the following pricing strategies are used when adopting a penetration pricing strategy?
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Solution
The correct option is B Charging low price
Penetration pricing strategy is a strategy where initially the prices are set low to rapidly reach a vast section of the market. This strategy initiates word of mouth and also attracts target consumers with the help of the low price set by the company. It gives the marketer a competitive advantage and also inceases the customer base of the company.
Penetration pricing strategy is a strategy where initially the prices are set low to rapidly reach a vast section of the market. This strategy initiates word of mouth and also attracts target consumers with the help of the low price set by the company. It gives the marketer a competitive advantage and also inceases the customer base of the company.
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