Prestige Pricing

Includes setting a high price for a product that offers prestige in a personal setting.

This pricing stratagy is used for higher class products such as luxurey products. This can help to create a luxureous product as well, by pricing high, often a product can be seen as higher class or of better quality. Having higher margins on a product can also be risky, knowing how the customers and competition will react is vital to a successful strategy.