MANAGEMENT

Detailed explanation-1: -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-2: -Price skimming Companies use price skimming when they are introducing innovative new products that have no competition. They charge a high price at first, then lower it over time.

Detailed explanation-3: -Discount pricing is a type of promotional pricing strategy where the original price for a product or service is reduced with the aim of increasing traffic, moving inventory, and driving sales. People are drawn to lower prices because consumers love feeling as if they are scoring a good deal.

Detailed explanation-4: -The answer is b. cash balance is not a consideration when setting the selling price of the product. The price for a product is set based on parameters such as manufacturing costs, market conditions, quality of the product, etc while also ensuring the supplier can meet the profit goal.