Question
1. Cost-Based Pricing: This tool considers the cost of production and adds a profit margin to determine the price.
2. Value-Based Pricing: This tool sets the price based on the perceived value of the product or service to the customer.
3. Competitive Pricing: This tool sets the price based on what competitors are charging for similar products or services.
4. Penetration Pricing: This tool sets a low initial price to attract customers and increase market share.
5. Price Skimming: This tool sets a high initial price and gradually lowers it over time.
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