Identify the factors that influence pricing decisions and discuss how they affect the pricing decision.

Q: Which types of pricing strategies should be used when increasing the pirce?

A: Price Skimming strategy is the strategy that should be used when increasing the price.

Customary Pricing

There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows: 

Multiple Unit Pricing

“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”