Pricing Strategies for Businesses: Understanding the Factors Involved

The video explores the complexities of pricing decisions in business, emphasizing the importance of considering the product life cycle, business objectives, and market environment. It introduces various pricing strategies, including cost plus, predatory, skimming, penetration, competitive, and psychological pricing. The video also highlights the challenges startups face in choosing the right pricing strategy to balance market penetration and profitability.

What is price penetration and when is it typically used?

How does competitive pricing work in a highly competitive market?

What is psychological pricing and how can it influence consumer behavior?