ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
As part of ongoing market research keep an eye on current market prices for your products. If competitors’ prices fall, you will gain customers if you lower your prices.
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Explanation:
Detailed explanation-1: -What Is Penetration Pricing? Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering. The lower price helps a new product or service penetrate the market and attract customers away from competitors.
Detailed explanation-2: -Competition-Based Pricing Strategy Competition-based pricing is also known as competitive pricing or competitor-based pricing. This pricing strategy focuses on the existing market rate (or going rate) for a company’s product or service; it doesn’t take into account the cost of their product or consumer demand.
There is 1 question to complete.