Which pricing innovation was first introduced by King C. Gillette in the early 1900s, creating a revolutionary business model still widely used in retail today?

The history of retail pricing strategies has seen revolutionary innovations that transformed how products are valued and sold. From dynamic algorithms to psychological pricing tactics, these breakthroughs have shaped modern commerce. This trivia question explores a key milestone in pricing strategy innovation that created ripples throughout the retail industry and changed consumer behavior forever. Test your knowledge about this transformative pricing development!

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The razor and blades model (selling the base product cheaply and making profit on consumables)
Psychological pricing (setting prices just below round numbers, like $9.99 instead of $10)
Subscription-based pricing (charging recurring fees for continued product access)
Value-based pricing (setting prices according to perceived customer value rather than costs)