This study explores the importance of pricing strategies in creating competitive advantage for businesses. It discusses how effective pricing strategies can significantly contribute to the success of a business in capturing sales and profits within their target market. The research highlights that pricing strategies are often overlooked, contributing to the high probability of new products failing to reach their volume and profit goals. The study emphasizes that a greater and diverse understanding of product price behaviors throughout the business process, from the product development stage to price settings and sales closure, can help businesses in reaching their pricing objectives. The research also emphasizes the significance of understanding the value proposition of the product and consumer expectations in developing the best pricing strategy. It concludes that a successful pricing strategy depends on a thin line of balancing between consumer expectation and identifying an acceptable price range.
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