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.”
What common pricing practices are considered to be
illegal or unethical?
Pricing strategies are referred to as the methods or practices that marketers use to price their products and services. There are many methods by which the price of a product is determined. While setting the price of a product, the marketer has to always consider the costs that has been occurred in the manufacturing of that product and what values have been added to it to make it more acceptable by the customers.
The various pricing strategies that are commonly used by marketers are: Cost-plus pricing strategy, penetration pricing strategy, Competitive pricing strategy, value based-pricing, price skimming, penetration pricing etc. However, some of these strategies can be illegal and unethical at the same time.
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