a strategy of offering competitive-quality products at relatively low prices in the hope of attracting high customer volume; not to be confused with value-based pricing.

The concept of assessing higher prices for using certain transportation facilities during the most congested times of the day, in the same way that airlines offer off-peak discounts and hotel rooms cost more during prime tourist seasons. Also known as congestion pricing and peak-period pricing, examples of this concept include higher bridge tolls during peak periods or charging single-occupant vehicles that want to use carpool lanes.

Occurs when prices are set on the basis of fair value for both the service provider and the consumer.

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