Section 7
Specific Pricing Strategies
By Boundless
With a new product, competition does not exist or is minimal, hence the general pricing strategies depend on different factors.
![Thumbnail](../../../../../../figures.boundless-cdn.com/13076/square/-2c-wpa-poster-2c-ca.-1941.jpeg)
Line pricing is the use of a limited number of price points for all the product offerings of a vendor.
![Thumbnail](../../../../../../figures.boundless-cdn.com/13078/square/angelion-portraits-barcode.jpeg)
Psychological pricing is a marketing practice based on the theory that certain prices have meaning to many buyers.
![Thumbnail](../../../../../../figures.boundless-cdn.com/14150/square/1076911-fdaa28a6.jpeg)
During a recession, companies must consider their unique situation and what value they provide customers when devising a pricing strategy.
![Thumbnail](../../../../../../figures.boundless-cdn.com/13099/square/-27s-at-the-hampshire-mall.jpeg)
Everyday low price is a pricing strategy offering consumers a low price without having to wait for sale price events or comparison shopping.
![Thumbnail](../../../../../../figures.boundless-cdn.com/13103/square/-a-shoe-28blue-on-white-29.jpeg)
High-low pricing is a strategy where most goods offered are priced higher than competitors, but lower prices are offered on other key items.
![Thumbnail](../../../../../../figures.boundless-cdn.com/13121/square/aircanada.a340.c-gdvw.arp.jpeg)
One pricing strategy does not fit all, thus adapting various pricing strategies to new scenarios is necessary for a firm to stay viable.