What is introductory pricing strategy?

An introductory pricing strategy is a marketing tactic used by businesses to attract customers by offering products or services at a lower price for a limited time. This approach helps to build market share, encourage trial, and generate initial interest in a new offering. Once customers are engaged and accustomed to the product, prices may increase to their regular levels. It’s often employed in competitive markets to differentiate from existing products and entice consumers to switch or try something new.