This document discusses different general pricing approaches for businesses: value-based pricing, everyday low pricing (EDLP), and high-low pricing. It provides details on each approach, including how value-based pricing considers subjective customer perceptions, and how EDLP and high-low pricing are typically used by retailers in competitive markets selling similar products where customers are price sensitive. It also notes some factors to consider when deciding on a pricing strategy, such as the type of market, customer price sensitivity, and whether the business has a cost advantage.