Pricing refers to the process of determining and setting the cost of a product or service that a business offers to its customers. Pricing is a crucial aspect of marketing strategy as it directly impacts consumer behavior, sales, profit margins, and overall business success. Pricing strategies can vary, including competitive pricing, skimming pricing, value-based pricing, penetration pricing, and psychological pricing, among others. Businesses must carefully consider factors such as costs, competition, target market, positioning, and perceived value when setting prices for their products or services.
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