Pricing strategies are determined by factors like market conditions, consumer demand, and your cost of goods sold

Pro: You can sell more products by slightly tweaking your sales tactics without losing profits.
Con: Some customers may perceive it as being tricky or salesy, which could potentially tarnish your reputation or lead to missed sales.
Example: A restaurant sets a gourmet hamburger’s price at $12.95 to lure customers into purchasing at a perceived lower price compared to $13.

6. Bundle pricing

Bundle pricing is selling two or more similar products or services together for one price. Bundling is an effective way to upsell additional products to customers or add value to their purchase. Restaurants, beauty salons, and retail stores are among the many businesses that apply this strategy.
Pro: Customers discover new products they weren’t initially planning to buy and may end up purchasing them again.
Con: Products that are sold within a bundle will be bought less often individually since consumers are saving money on a bundled purchase
Example: A taco cantina sells tacos, tortilla chips, and salsa individually, but offers a discounted price if customers buy an entire meal with all of these items.

7. Competitive pricing

The competitive pricing strategy sets the price of your products or services at the current market rate. Your pricing is determined by all other products in your industry, which helps you stay competitive if your business is in a saturated industry. You can also decide to price your products above or below the market rate, as long as it’s still within the range of prices set by all competitors in your industry. 
It’s worth noting that 96% of consumers compare prices before purchasing, which gives you an opportunity to win over customers with a price slightly below the market average.