Final answer:
Premium pricing is not an effective strategy when customers are seeking low-priced goods because it involves setting the prices higher to convey higher quality which does not match the low price value sought by those customers.
Step-by-step explanation:
The pricing strategy that is NOT effective when customers define value as “low price” is premium pricing. This strategy involves setting the price of a product higher than similar products to project an image of higher quality which does not align with the customer’s expectation of low price. In contrast, penetration pricing (setting a low price to enter a competitive market), price skimming (starting with a high price and lowering it over time, which may not be as aligned with the 'low price' value but could be effective depending on the context), and discount pricing (offering reductions on the standard price) are strategies that either introduce low pricing initially or adjust prices to better meet the market demand for lower-priced goods.