A pricing strategy is a model or method used to establish the best price for a product or service. It helps you choose prices to maximize profits and shareholder value while considering consumer and market demand. In view of this: a) Explain why pricing is often varies in different markets, and describe the characteristics of the following markets: i. Perfect Competition ii. Monopolistic Competition iii. Oligopolistic Competition (10 marks) b) Explain, using examples how market skimming differs from market penetration. (10 marks)