Which pricing strategy offers lower prices for an existing product?

Promotional pricing is a strategy that involves temporarily reducing prices on existing products to stimulate sales or attract customers. This approach is often used to introduce consumers to a product, clear out inventory, or compete more effectively during specific promotional periods. By offering lower prices, businesses can create a sense of urgency, encouraging customers to make a purchase decision quickly.

This strategy is effective for attracting new customers or motivating repeat purchases from existing ones, and it is often employed during special sales events, holidays, or to launch a new marketing campaign. The lower prices offered through promotional pricing can create a perception of value, making the product more appealing to consumers in a crowded market.