ENTREPRENEURSHIP

Detailed explanation-1: -Psychological pricing is a pricing strategy that takes advantage of the way people perceive prices. This strategy involves setting prices just below a price point that contains a “9, ‘’ such as $9.99 or $19.99, in order to make a product appear cheaper and more attractive to buyers.

Detailed explanation-2: -What are the 4 major pricing strategies? Value-based, competition-based, cost-plus, and dynamic pricing are all models that are used frequently, depending on the industry and business model in question.

Detailed explanation-3: -Penetration pricing is a strategy used by businesses to attract customers to a new product or service by offering a lower price initially. The lower price helps a new product or service penetrate the market and attract customers away from competitors.