Question

Most new carmex products are priced between $0. 99 and $2. 99, well within reach of the price-sensitive mass consumer market. Carmex is utilizing a ________ strategy with its lip balm products.

Answer 1

Carmex is utilizing a penetration pricing  strategy with its lip balm products.

The correct option is B

What is penetration pricing ?

A pricing approach known as penetration pricing involves initially setting a product's price low in order to quickly reach a large portion of the market and spur word-of-mouth marketing. The marketing plan is that because of the cheaper price, consumers will migrate to the new brand.

What is penetration pricing give an example?

One month of free internet service has been offered by a brand-new telecommunications provider to users. Since the telecommunications business offered its internet services for free for the first month in order to enter the market, this is an example of penetration pricing.

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I understand that the question you are looking for is:

Most new Carmex products are priced between $0.99 and $2.99, well within reach of the price sensitive mass consumer market. Carmex is utilizing a _________ strategy with its lip balm products.

A) skimming pricing

B) penetration pricing

C) prestige pricing

D) price lining