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Answer :
In a price sensitive market, a pricing strategy known as "value-based pricing" is often used.
What is a Market?
A market is a physical or virtual place where buyers and sellers come together to exchange goods and services at prices determined by the forces of supply and demand. In a market, buyers and sellers are connected by the forces of demand and supply, which determine the prices of goods and services. Markets can range from large physical locations like a shopping mall or stock exchange, to virtual locations like a website or online marketplace.
The "value-based pricing" strategy sets prices based on the perceived value of the product or service to the customer, rather than its cost or the going market rate. By determining the value of the product or service and charging accordingly, companies are able to offer customers a fair price and remain competitive.
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