What do businesses call the strategies they utilize to determine the prices they charge for their products or services?

The term used to describe the methods that businesses use to set and manage the prices of their products or services is "Pricing Strategies." These strategies can encompass various principles and tactics that take into account factors such as production costs, market demand, competition, and consumer behavior. By developing effective pricing strategies, businesses can optimize their profitability while remaining competitive in the marketplace.

For example, a company might choose to implement penetration pricing to enter a new market by setting lower prices initially to attract customers, while a different firm may adopt premium pricing for a luxury product to position it as a high-end offering.

The other options refer to different aspects of business operations. Sales techniques focus on how sales are made and can encompass interpersonal skills and approaches during the selling process. Revenue models relate to the overall plan for generating income, potentially including subscriptions or transaction fees, but do not specifically address pricing methods. Marketing approaches refer to broader strategies in promoting and selling products, which might include market research, branding, and advertising, but again, do not specifically deal with price determination.