Pricing also has an important role as a competitive weapon to help a business exploit market opportunities.
Pricing also has to be consistent with the other elements of the marketing mix, since it contributes to the perception of a product or service by customers.
Setting a price that is too high or too low will - at best - limit the business growth. At worst, it could cause serious problems for sales and cash flow.
So pricing is important. The bad news for entrepreneurs is that pricing is a really tough to get right. There are so many factors to consider
whether a price change will have the desired effect.