Marketers can use specific strategies to fit different economic and market conditions. To adjust base prices, marketers may employ any one or more of the following pricing strategies: product mix, geographical, international, segmented, psychological, and promotional pricing, as well as discounts and allowances. Using these strategies in the appropriate situations helps businesses remain competitive.

Key Terms:
Product mix pricing
Price lining
Bundle pricing
Geographical pricing
Segmented pricing strategy
Psychological pricing
Prestige pricing
Everyday low prices (EDLP)
Promotional pricing

*Describe pricing strategies that adjust the base price
*List the steps involved in determining a price
*Explain the use of technology in the pricing function