A pricing strategy in which a firm sets a very low initial price to gain a large market share quickly is called

Penetration pricing involves setting a low price at the product's launch to attract a large number of buyers and gain market share rapidly. Price skimming is the opposite — setting a high initial price. Psychological pricing exploits consumer perception (e.g., ₦999 instead of ₦1,000), and cost-plus pricing adds a fixed mark-up to the cost of production.