Identify the Following

question 34

Essay

Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
-Convict Labor

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Definitions:

Penetration Pricing

A marketing strategy where a product is priced lower than the competition to gain market share rapidly, with the potential to increase prices later.

Below-market Pricing

Setting the price of a product or service lower than the prevailing market rates to attract customers or gain market share.

Above-market

Pricing or valuing something higher than the general market rate or expected standard.

Prestige Pricing

A pricing strategy where prices are set higher than competitors to convey an image of exclusivity or superior quality.