Procurement Terms
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Pricing strategy refers to the method or approach businesses use to determine the price of their products or services. It involves analyzing factors such as production costs, competition, consumer behavior, and market trends to determine the optimal price that maximizes profits while satisfying customer demand. A business can adopt various pricing strategies, including cost-plus pricing, value-based pricing, penetration pricing, skimming pricing, and dynamic pricing. The choice of pricing strategy depends on various factors, such as the business's goals, the nature of the product or service, and the market environment.