Memory Notes

1. Freemium: Freemium is a pricing strategy where a product or service is offered

for free, typically with limited features or functionality. The goal is to attract a
 large user base and then offer premium or advanced features for a fee. This
strategy allows customers to experience the product or service before
committing to a paid version, aiming to convert free users into paying
customers.
2. High-Low: High-Low pricing is a strategy where a product or service is initially
priced higher but is periodically discounted or offered at lower prices through
promotions or sales events. This strategy creates a sense of exclusivity and
urgency, encouraging customers to make purchases during the discounted
periods while maintaining higher profit margins during regular pricing
periods.
3. Hourly: Hourly pricing is a straightforward pricing strategy where the cost of a
product or service is determined based on the amount of time spent or the
number of hours worked. This strategy is commonly used in service-based
industries where the value provided is directly tied to the time and effort
invested by the service provider.
4. Value-Based: Value-based pricing is a strategy that sets prices based on the
perceived value a product or service offers to customers. Instead of solely
considering production costs, value-based pricing focuses on the benefits,
outcomes, or solutions the product or service delivers to customers. The price
is set higher when the perceived value is higher, allowing businesses to
capture a portion of the additional value they provide.
5. Project-Based: Project-based pricing is a strategy commonly used in service
industries, where the price is determined based on the specific project
requirements and scope. Instead of charging on an hourly basis, the pricing is
based on the project's overall complexity, deliverables, time frame, and
anticipated resources required. This approach allows for more flexibility and
customizability in pricing for each unique project.