There are five major pricing strategies commonly used by businesses: 1. Cost-plus pricing calculates costs and adds a markup. 2. Competitive pricing researches competitors' prices and bases rates on the market. 3. Penetration pricing sets artificially low prices to drive out competition before raising prices for profit. 4. Price skimming sets a high initial price that is lowered over time as demand evolves, like with seasonal items. 5. Value pricing sets the price based on customer beliefs rather than costs.