What strategy involves charging a temporary special price to attract customers?

Promotional pricing is a strategy that involves setting a temporary, lower price on products or services to attract customers and stimulate sales. This technique is commonly used to clear out inventory, encourage trial of a new product, or attract attention during a special event or season. By offering a price reduction, businesses can entice customers who may be hesitant to purchase at the regular price, thereby increasing traffic and potentially boosting overall sales.

Promotional pricing aims to create urgency and motivate customers to take action quickly, as the reduced price is only available for a limited time. This approach not only helps to increase sales volume but also raises brand awareness and attracts new customers who may not have considered the products at their regular prices.