In the competitive landscape of today's market, businesses employ various pricing strategies to differentiate their products and capture value. One such strategy is premium pricing, also known as prestige pricing or luxury pricing. This approach leverages the perceived value and exclusivity of a product to justify a higher price point. In this blog post, we'll delve into the definition of premium pricing, provide examples, and explore how businesses can successfully implement this strategy.

In the competitive landscape of business, pricing strategies play a pivotal role in shaping a company’s success. One such strategy is premium pricing, which involves charging higher prices for products or services compared to immediate competitors. Let’s delve into the details of premium pricing, its advantages, and potential drawbacks.