Colorful Concoctions, a Maker of Children's Crayons, Decided to Price

Multiple Choice

Colorful Concoctions, a maker of children's crayons, decided to price its boxes of crayons below the long-term market price. The firm agreed to reduce its profit margin from 30 percent to 5 percent in the short-term in order to increase market share and discourage other firms from entering the crayon market. Colorful Concoctions was implementing a

A) variable pricing strategy.
B) skimming price strategy.
C) penetration pricing strategy.
D) price lining strategy.