Market penetration pricing is a pricing strategy in which a company sets a low initial price for its products or services to enter a new market and gain market share. The Economist Magazine: A story of clever decoy pricing effect Market Penetration Pricing Strategy For example, a clothing retailer may open new stores in different cities to expand its market reach. Expansion: A company may expand its distribution channels to reach more customers and increase sales.For example, a technology company may introduce a new smartphone with more features and capabilities. Product innovation: A company may introduce new products or improve existing products to increase its market share.For example, a car manufacturer may run a television ad campaign to promote a new model. Advertising: A company may increase its advertising to raise awareness of its products and increase sales.For example, a restaurant may offer a discount on a certain day of the week to attract more customers. Promotions and discounts: A company may offer promotions and discounts to encourage customers to buy more of its products.For example, a supermarket may reduce prices on certain products to attract more shoppers. Lowering prices: A company may lower prices to attract customers and increase its market share.
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