ENTREPRENEURSHIP

Detailed explanation-1: -Markup pricing or cost-plus pricing is a pricing strategy where the price of a product or service is calculated by adding together the cost of the products and a percentage of it as markup.

Detailed explanation-2: -Value-based pricing is a strategy of setting prices primarily based on a consumer’s perceived value of a product or service. Value-based pricing is customer-focused, meaning companies base their pricing on how much the customer believes a product is worth.

Detailed explanation-3: -1. Price Maximization. A price maximization strategy aims to make pricing decisions that generate the greatest revenue for the company. Calculating the fixed and variable costs a business will incur, and then figuring out how to minimize these costs, aids in arriving at a profit-maximizing output.

Detailed explanation-4: -Cost-plus pricing. Calculate your costs and add a mark-up. Competitive pricing. Set a price based on what the competition charges. Price skimming. Set a high price and lower it as the market evolves. Penetration pricing. Value-based pricing.