Several common pricing strategies are employed by businesses, including:
Penetration Pricing: Setting a low price to enter a competitive market and attract customers. Price Skimming: Setting a high price initially and then lowering it over time. Psychological Pricing: Setting prices that have a psychological impact, such as $9.99 instead of $10. Bundle Pricing: Offering multiple products for a single price, often lower than the total if purchased separately. Discount Pricing: Offering products at reduced prices for a limited time to boost sales.