Quackenbush Widgets has developed a new type of widget that whistles, sings, and plays the accordion—making it unlike any other widget ever produced. Quackenbush wishes to grab a hold in the musical widget market before its competitors create similar products, so when it releases its new widget it prices it at only $250—even though most of its other widgets start at $350. Which pricing strategy does this example show?

1. Cost-plus pricing
2. Price penetration
3. Price skimming
4. Value pricing

The answer to this question is 2. Price penetration

Explanation:

price penetration is a method of pricing that involves setting a very low price to attract customers to buy a new product. It is a pricing strategy that is used to gain market share and customer base most especially for new product.

The price is set low with the view to entice consumer and gain more market share for new product.

Hence the action of Quackenbush Widgets  setting the price of its new widgets at only $250 even though others widgets starts from $350 is an example of a price penetration  

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