Companies that set a low price for a new product in order to attract a large number of buyers and a large market share are using the strategy.

Companies that set a low price for a new product in order to attract a large number of buyers and a large market share are using the : Market penetration strategy

Companies initially set low prices for their products using Market penetration strategy so that they can quickly attract a large number of buyers and subsequently have a larger market share.

The aim of companies using this approach (market penetration) is to quickly attract new customers base on the low price of new product.

Benefits of using market penetration strategy includes :

Hence, market penetration strategy is an aggressive marketing concept that seeks to establish a sizeable market share for a new product.

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The correct answer is letter "B": market-penetration pricing.

Explanation:

Market-penetration pricing introduces a new product or service at an initially low price to keep customers away from competitors. Penetration pricing helps a company establish in the market by tearing down entry barriers. The new company hopes that customers will continue to use their products despite rising prices at normal levels.

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