In marketing his new product, Presley decides to price it as low as he can possibly afford to price it in the hopes of discouraging or undercutting any competitors and in the hopes of capturing a large share of the market in such products. He figures that, once he has captured a large share of the market, his customers will remain loyal and continue to buy from him if he (a) continues to make a quality product and (b) slowly raises his prices a little at a time. This strategy is a long-term strategy. He is betting that, while he probably won't make huge profits at the beginning, he'll make more money in the long run. What type of pricing strategy is he engaging in?