I think knowing these pricing strategies is really important whether you’re running a business or just buying stuff. A lot of people don’t realize how much psychology goes into pricing. For example value based pricing works really well when your brand has built trust or looks premium even if the actual product doesn’t cost that much to make. I’ve also seen a lot of new businesses try competition based pricing to get noticed but if they don’t have a plan to increase prices later they struggle to survive. So finding a balance really matters.