![]() The premium pricing strategy has the advantages of producing higher revenues and building a premium brand image. However, to make this pricing strategy a success, a business has to work really hard on the quality of the product and the brand to create a value perception. The idea is to encourage a perception among the buyers that the product has a more utility or a higher value when compared to competitors’ products just because it is sold at a premium price. ![]() Premium pricing, also called image pricing or prestige pricing, is a pricing strategy of marking the price of the product higher than the industry standards/competitors’ products.
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