I) Penetration pricing: This strategy involves setting a low initial price for a new product to quickly attract a large number of customers and gain significant market share. The goal is to "penetra

b)

i) Penetration pricing: This strategy involves setting a low initial price for a new product to quickly attract a large number of customers and gain significant market share. The goal is to "penetrate" the market rapidly.

ii) Price skimming: This strategy involves setting a high initial price for a new product to "skim" maximum revenue from segments willing to pay a premium. The price is gradually lowered over time to attract more price-sensitive customers.

iii) Geographical pricing: This strategy adjusts prices based on the customer's geographic location. Factors like transportation costs, local taxes, and regional market demand influence the price variations.

iv) Price haggling: This is a negotiation process where the buyer and seller bargain to agree on a final price for a product or service. It is common in traditional markets and allows for flexible pricing.

c) Five factors to be considered by a company in fixing prices for its products:

• Cost of production (including raw materials, labor, and overheads)
• Competitors' prices for similar products in the market
• Demand for the product and customer willingness to pay
• Marketing objectives such as maximizing profit, gaining market share, or achieving product quality leadership
• Government regulations and legal restrictions on pricing