Product mix pricing strategies guide businesses in optimizing profits across their product lines, each tailored to market needs and consumer segments. The strategies include:

1. Product Line Pricing: Sets prices within a product line based on feature diversity and quality, aiming to capture various market segments.
2. Optional Product Pricing: Offers a base product at a low price while upselling additional features, catering to both cost-conscious and value-seeking customers.
3. Captive Product Pricing: Prices the main product competitively while marking up necessary add-ons, ensuring sustained profitability.
4. By-product Pricing: Offsets the primary product's cost by selling by-products, reducing waste, and enhancing efficiency.
5. Product Bundle Pricing: Sells multiple products as a package at a perceived value higher than individual costs, boosting sales and possibly clearing inventory or introducing new items.

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.