Question

The first target store opened in 1962. its initial strategy was to set prices low to attract a large number of buyers quickly and win a large market share. this is referred to as ________.

Answer 1

The initial strategy of the target store was to set prices low to attract a large number of buyers quickly and win a large market share. his is referred to as market-penetration pricing.

What is market-penetration pricing?

Market-penetration pricing is a pricing strategy in which a manufacturer, in an effort to increase market share, sets a comparatively low price for a product at the beginning of its life cycle.

By initially setting a low price to persuade customers to buy, penetration pricing is a pricing approach used to swiftly increase market share. New market entrants typically employ this price strategy. Predatory pricing is a severe variation of penetration pricing.

Hence, The initial strategy of the target store was to set prices low to attract a large number of buyers quickly and win a large market share. his is referred to as market-penetration pricing.

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