With a new product, competition does not exist or is minimal, hence the general pricing strategies depend on different factors.
Line pricing is the use of a limited number of price points for all the product offerings of a vendor.
Psychological pricing is a marketing practice based on the theory that certain prices have meaning to many buyers.
During a recession, companies must consider their unique situation and what value they provide customers when devising a pricing strategy.
Everyday low price is a pricing strategy offering consumers a low price without having to wait for sale price events or comparison shopping.
High-low pricing is a strategy where most goods offered are priced higher than competitors, but lower prices are offered on other key items.
One pricing strategy does not fit all, thus adapting various pricing strategies to new scenarios is necessary for a firm to stay viable.