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Trying to sell a firm's new product to a large market at one low price is...

Trying to sell a firm's new product to a large market at one low price is known as ________.

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Answer #1

Penetration pricing, and, value-based pricing

Penetration pricing - New product, low price

Setting a low price to attract consumers, and, gain market share. The price is raised after a growth in market share. The price is below the long-range market price to get recognition for the product.

Value-based pricing - Low price for a relatively new product to establish the product in the market. Overly high price will have a negative effect on the sale of a new product.

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