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Price is the amount that a customer pays for a product or service, while cost is the amount of resources required to produce or acquire it. Price is influenced by cost, but also by other factors such as demand and competition.
A pricing strategy is a plan for determining the price at which a product or service will be offered. Pricing tactics are specific actions or techniques used to implement the pricing strategy. A pricing policy is a set of guidelines or principles followed when setting prices for products or services.
There are several types of pricing strategies that businesses can use, and these include cost-plus, premium, psychological, dynamic, bundle, and freemium pricing.
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