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 are some consumer-oriented pricing tactics?
One of the critical decisions concerned with a business face is setting prices. Three major pricing strategies involve competition-oriented pricing, cost-oriented pricing, and consumer-oriented pricing. Consumer-oriented pricing is the price-setting according to consumers' perceived value of a company's goods or service.
Consumer-oriented pricing can term as setting a price based on buyer's perceptions of value. It mainly focuses on assuming that a customer is willing to pay a specific price when the product or service's value exceeds that cost. Consumer-oriented pricing can work when a product or service is customizable. Some consumer-oriented pricing tactics are as follows:
• Price lining.
• Price bundling.
• Leader pricing, etc.
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