Marketers may choose from various pricing strategies when selling a product or service.   a)  Identify and briefly explain five pricing strategies.   b)  What factors should be considered before selecting the best pricing strategy?

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Customary Pricing

There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows: 

Multiple Unit Pricing

“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”