Leader pricing vs. Bait pricing

Pricing as a mean of marketing plays a major role in determining the sales of a product in the market and there are several pricing approaches that are used to convince a customer to purchase a product ( HYPERLINK "/search?tbo=p&tbm=bks&q=inauthor:%22Jr.+Perreault,+William%22&source=gbs_metadata_r&cad=5" William,  HYPERLINK "/search?tbo=p&tbm=bks&q=inauthor:%22Joseph+Cannon%22&source=gbs_metadata_r&cad=5" Cannon & HYPERLINK "/search?tbo=p&tbm=bks&q=inauthor:%22E.+Jerome+McCarthy%22&source=gbs_metadata_r&cad=5"  McCarthy, 2009). Am going to consider the leading and bait pricing approaches and explain the difference between them as well as the similarity of the two approaches. Leader pricing approach is the mechanism whereby the price of a high demand product is reduced in order to appeal people to come into a retail shop and may be inspired to buy additional products. On the other hand, bait pricing is an approach whereby a product is advertised at an extremely low price. The intent of this approach is to attract a customer with the aim of selling them a more profitable product of a higher quality.
It is clear from the above definition of the two approaches that the major difference from the two approach is that in leaders pricing approach the intention is to sell a quality item hoping the customer will make more purchases while in the store whereas the bait pricing approach is solely intention is to attract the customer in order to sell him another product of a higher quality. ( HYPERLINK "/search?tbo=p&tbm=bks&q=inauthor:%22Jr.+Perreault,+Willi...