Product mix pricing strategies guide businesses in optimizing profits across their product lines, each tailored to market needs and consumer segments. The strategies include:
These strategies diversify a company's offerings and market reach and provide competitive advantages through strategic pricing. They enable businesses to maximize profitability by tapping into consumer surplus and encouraging purchases of higher-margin items. For customers, these strategies offer a range of options tailored to their budgets and perceived value, sometimes saving money through bundled offers and enhancing the perceived value of certain products.
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