1) Value based pricing. Basically a product is priced based on the percepted value of the product by the people. This allows for more profit since sellers can offer higher prices. Higher percepted value means maybe the business is credible and has some associated value to it for example Apple products. You can argue they can be a bit cheaper purpose wise but since they are a big name, they can afford to price massively.
This is also affected by the law of scarcity. When the supply of these products are limited and the demands are high, it increases the perceived value and there could possibly be a price hike to take advantage of the increased demand and limited supply.
2) Competition based pricing. This will be helpful for sellers who are wanting to break through a market. If a market is highly competitive, you might want to sell your goods for a lower price to attract more customers to you. It can help you get customers but you might not be able to get as much profit due to low pricing.
This is for starters like you rightfully enumerated, established people who have built a reputation and client base aren't bothered about these competitions, rather they're more interested in delivering quality goods in order to maintain their reputation. People would still buy from them because they trust them already, even at higher prices.