Pricing Strategies

Question 1

What are all 14 pricing strategies?

Answer 1

Competition-Based Pricing
Cost-Plus Pricing
Dynamic Pricing
Freemium Pricing
High-Low Pricing
Hourly Pricing
Skimming Pricing
Penetration Pricing
Premium Pricing
Project-Based Pricing
Value-Based Pricing
Bundle Pricing
Psychological Pricing
Geographic Pricing

Question 2

Competition-Based Pricing

Answer 2

Set prices based on competition

Question 3

Cost-Plus Pricing

Answer 3

Mark up price based on cost

Question 4

Dynamic Pricing

Answer 4

Surge pricing, time based pricing, or demand pricing

Question 5

Freemium Pricing

Answer 5

Offer basic version with option to pay for premium

Question 6

High-Low Pricing

Answer 6

Also discount strategy. High initial price, but quick drop when product becomes less novelty. Discount retail racks for example.

Question 7

Hourly Pricing

Answer 7

Rate based pricing used by legal, consultants, free lancers

Question 8

Skimming pricing

Answer 8

Highest possible pricing to begin with, slowly decrease over time.

Question 9

Penetration pricing

Answer 9

Low pricing when entering a new market to dislocate competition

Question 10

Premium Pricing

Answer 10

Luxury based high pricing

Question 11

Project Based Pricing

Answer 11

Flat fee instead of hourly or rate pricing

Question 12

Value Based Pricing

Answer 12

Pricing based on utility to customer. Can boost loyalty.

Question 13

Bundled Pricing

Answer 13

Two or more products or services

Question 14

Psychological pricing

Answer 14

Ex: 99.99

Question 15

Geographic pricing

Answer 15

Products priced differently in different geographies