Steps included in designing a pricing strategy

Question

Briefly itemize all the steps included in designing a pricing strategy for the business firm?

Answer 1

The steps are illustrated below:

a) Finding out the aim of price determination.
b) Finding out the level of demand for the product.
c) Approximating the costs.
d) Analyzing the competitor’s cost.
e) Recognizing what pricing technique to utilize.
f) Choose the price.