Tom owns a small hardware shop and is using a pricing strategy to lure customers away from competitors, sometimes even at the risk of losing profits. This strategy revolves around pricing products lower than those of competitors and is referred to as what? (1 point) Responses premium pricing premium pricing price skimming price skimming economy pricing economy pricing market penetration pricing
The pricing strategy that Tom is using, which involves setting prices lower than those of his competitors to attract customers, is called market penetration pricing.
