Wow ! It took ages to get out of the product segment.
The segment of Price only has enough material for one article. Here are all the possible approaches to price a product
Premium Pricing - Charging a high price relative to other brands. Hermes is a great example of a brand that does this. I wish I were here.
Fair Pricing - Price that is objectively regarded as being reasonable. NTUC Fairprice is definitely in this category. (OBVIOUSLY !)
Penetration Pricing - Charging a low price to generate volume. My program was here a year ago. I would argue that many unicorns like Grab employs this strategy.
Parity Pricing - Charging a price that matches that of competing brands. If you cannot differentiate your product, you will have no choice but to do this.
Cost-Plus Pricing - Charging a mark up based on costs incurred. You don't really want to get into a business that...