Activities aimed at finding a product’s optimum price, typically including overall marketing objectives, consumer demand, product attributes, competitors' pricing, and market and economic trends.
Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others. It is targeted at the defined customers and against competitors.