To state: Importance of the given terms.
Explanation of Solution
Penetration pricing is a strategy where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Once the product is established well in the market, prices are subsequently increased.
Price leadership is a practice in some industries where the largest firm publishes its price list ahead of its competitors, who then match those announced prices. Firms are interdependent. This practice facilitates the development of new products and quality improvement.
Promotion is the use of advertising to make consumers aware of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service.
Direct mail advertising is a practice where the business obtains a list of potential customers and mail them the information regarding their product and service. It helps in providing information to the customers about the new product.
Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.
Chapter 11 Solutions
Economics Today and Tomorrow, Student Edition
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