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Starting with a low price to enter a competitive market and raise it later once market share is gained. Use it to quickly attract customers and gain market share.

Setting prices higher than rivals to signal superior quality or exclusivity. Use it when offering products perceived to be of higher value.

Keeping costs low to offer products at a low price point. Use it for highly price-sensitive markets and commoditized products.

Introducing products at a high price, then gradually lowering it over time. Use it to maximize profits on early adopters before scaling to the mass market.

Prices are set based on the perceived value to the customer rather than based on costs. Use it when you can clearly demonstrate your product's value over competitors.

Adding a standard markup to the cost of the products. Use it for simplicity and when cost structure is known.

Adjusting prices based on current market demands. Use it for industries like tourism and hospitality, where demand can fluctuate.

Offering a basic product for free while charging for premium features. Use it in software and digital services to attract users and upsell over time.

Setting prices that have a psychological impact, like $0.99 instead of$1. Use it to make the price more attractive to consumers.