The readings suggest there are certain strategies for pricing new products, which is decidedly more difficult than adjusting prices to existing products. The new product pricing approaches are: Skimming
Penetration
Everyday low prices
The pricing approaches discussed for existing products are:

Cost plus
Markup
Markdown
Odd-even pricing
Prestige pricing
Price lining
Demand backward pricing
Leader pricing
Sealed bid pricing
Going-rate pricing
Price bundling
Captive pricing
Product mix pricing
Two-part pricing
Promotional pricing

There is no shortage of pricing approaches, and as customers, we are exposed to all of them at some time or another in our purchasing processes.

Write pricing approaches and discuss the product, the pricing approach, and why you think it is the most appropriate approach for that particular product given your consumer characteristics. Be sure you understand the definition of your approach before tackling this topic.