You want to ensure that the price of your product generates enough revenue to cover your costs. Are they bargain hunters? Do they splurge? Do they value quality over consumption? How is the competition pricing their products? Where do you want to be in the marketplace? From the sound of the description this is a high-end hose, but I have seen others just throwing out numbers without considering all these factors. If you price too high, even though it’s a high-end product, no one will buy, if you price too low, then you are not covering your costs.