What is penetration pricing?

I think it is basically pricing product to pentrate markets unexplored till no and obviously it has to be competitive!

Penetration pricing is the pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers. To know more,
http://en.wikipedia.org/wiki/Penetration_pricing

Really nice to know about penetration pricing as I was totally unaware about it..

Penetration pricing Is Charging a low initial price for a new product in order to attract customers and build market share.

When a company looks to expanding into new markets it's very common to charge this price!

i think it is a basic pricing that penetrate the market.

It is the pricing done the find the feet in the competitive market.

Exactly! Not only to guage the market, it tries establish itself in the market by competitive pricing to derive benefits later on!

The introduction price may even be below cost price for the purpose of making forceful entry in market. Thus penetration price has also an element of marketing and advertising

we can say that price of products are such that can blast in market.

It's entry level price which an organization can afford to charge just to position itself in the market.