Setting the price of a product in a way that will alter its perception to customers is known as ______.

A) penetration pricing
B) price skimming
C) psychological pricing
D) price lining

Psychological Pricing

A marketing strategy that utilizes price points believed to have a psychological impact, encouraging purchases.

Penetration Pricing

A marketing strategy where a product is priced lower than its competitors in order to attract customers and gain market share.

Price Skimming

A pricing strategy involving setting high prices at the launch of a new product to maximize profits from customers willing to pay more, before reducing the price over time.