There are several pricing strategies that can be used including penetration pricing, market skimming, value pricing, loss leader pricing, and psychological pricing. Penetration pricing uses a low initial price to gain market share, while market skimming uses a high initial price for products with short lifecycles. Other strategies include using perceived value to set prices, pricing some products below cost to attract customers, and playing on consumer perceptions with pricing like $9.99 instead of $10. Pricing must also consider factors like elasticity, costs, targets, and competitors.
