Which pricing strategy is adopted by a company that sells its product for ₦200 when the prevailing market price for same product is ₦150?
Psychological pricing
Skimming pricing
Competitive pricing
Penetrating pricing
Correct answer is C
The pricing strategy adopted by a company that sells its product for ₦200 when the prevailing market price for the same product is ₦150 is competitive pricing. Competitive pricing involves setting the price of a product or service based on the prices charged by competitors in the market. The company sets its price at a similar or slightly higher level compared to competitors' prices to remain competitive and attract customers. In this case, the company is pricing its product at ₦200, which is aligned with the prevailing market price of ₦150, indicating a competitive pricing strategy.