When developing new products, companies must determine the best pricing strategy to attract consumers and gain market share. Some common strategies include penetration pricing which sets low prices for a time period, economy pricing which offers basic features at low cost, price skimming which sells innovative products at high initial prices, bundle pricing which provides extra value, promotional pricing like buy-one-get-one-free deals, and captive pricing where new products are sold at low cost to incentivize additional purchases.