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A strategy where prices are initially set low to attract customers and increase market share. Once a customer base is established, prices are gradually increased. Commonly used when entering a competitive market.

Involves setting the price of a product higher than the competitors to encourage favorable perceptions among buyers, based on the high price indicating superior quality. Best used for products with a unique selling proposition.

A no-frills low-price strategy where costs are kept to a minimum and the savings are passed on to customers. Ideal for commodity products with minimal differentiation.

Setting an initially high price for a new or innovative product, then lowering the price over time as the novelty wears off or competition increases. Suitable for products with short-term uniqueness.

Adjusting prices continually based on algorithms that take into account competitor pricing, supply and demand, and other external factors. Useful for online retailers with the ability to change prices in real-time.

A pricing strategy that takes advantage of customer psychology, e.g., setting a price at $19.99 instead of$20.00 to make the product appear cheaper. Often used for consumer goods.

Combining several products for sale as a single package for a lower price than they would cost individually. Encourages the sale of more items and increases customer perceived value.

Pricing products low enough to take a loss on specific items with the intention of attracting customers to make additional purchases of profitable goods. Used to increase store traffic.

Offering a basic product or service for free, while charging a premium for advanced features or functionality. Common in digital goods and online services.