Which of the following best describes the pricing strategy known as anchoring?
a. A product is charged very close to the offerings of its competitors.
b. A product is charged a relatively low price as a way to reach the masses and increase market share.
c. An agreement is reached between two firms on what price they will charge for a product.
d. A product is priced so high that other products look reasonably priced in comparison.
Answer: d. A product is priced so high that other products look reasonably priced in comparison.