Pricing strategies are methods businesses use to set the prices of their products or services. Common strategies include cost-plus pricing, where a fixed percentage is added to the cost of production, and competitive pricing, which involves setting prices based on competitors' rates. These strategies help businesses attract customers while ensuring profitability. Another approach is value-based pricing, where prices are determined by the perceived value to the customer rather than the cost of production. Additionally, penetration pricing involves setting low initial prices to gain market share, while skimming pricing sets high prices initially and lowers them over time. Each strategy has its advantages and disadvantages depending on market conditions.