Businesses can adopt various pricing strategies, including:
Cost-Plus Pricing: Adding a markup to the cost of producing the product. Penetration Pricing: Setting a low price to enter a competitive market and attract customers quickly. Skimming Pricing: Setting a high price initially and then gradually lowering it to reach more price-sensitive customers. Value-Based Pricing: Pricing based on the perceived value to the customer rather than the cost of production. Dynamic Pricing: Adjusting prices in real-time based on market demand and supply conditions.