GENERAL KNOWLEDGE

Detailed explanation-1: -Odd-even pricing is a pricing strategy involving the last digit of a product or service price. Prices ending in an odd number, such as $1.99 or $78.25, use an odd pricing strategy, whereas prices ending in an even number, such as $200.00 or 18.50, use an even strategy.

Detailed explanation-2: -There are many different pricing strategies, but Competitive Pricing, Cost-plus Pricing, Markup Pricing and Demand Pricing are four common methods for small business owners to use.

Detailed explanation-3: -Competition-Based Pricing Strategy Competition-based pricing is also known as competitive pricing or competitor-based pricing. This pricing strategy focuses on the existing market rate (or going rate) for a company’s product or service; it doesn’t take into account the cost of their product or consumer demand.

Detailed explanation-4: -For example, in producing processed meats, chemicals, or oil there are often by-products, which – if they had to be disposed of – would make the main product uncompetitive. The producer therefore attempts to sell these by-products at the best possible price in order to keep the main product competitive.