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Pricing strategy refers to the overall approach adopted by a company to set the prices of its products or services. It’s a strategic decision aimed at maximizing revenue, profitability, and perceived customer value.

The pricing strategy encompasses several elements such as customer segmentation, competitive analysis, production costs, market demand, and business objectives.

Retailers can choose different pricing strategies such as skimming (high prices for a premium positioning), penetration (low prices to quickly capture market share), parity (prices aligned with competitors), or differentiation (prices based on unique features or specific benefits).