How to set a price?

“How much is it?” This question is repeated many times a day in stores around the world. It shows that consumers and organizations will buy things if the price is right. One can design the finest products in the world, but if the price is perceived as too high or too low, the effort may be for nothing. Pricing decisions, therefore, should be completely integrated with product decisions, because price is a part of the product offer, just as the package and the brand are. Price is one way in which a seller can differentiate his offer from those of competitors.
Pricing is really important to marketing. What is more, it has been singled as one of the four P's, along with product, place and promotion. Price is also a critical ingredient in customer evaluations of the product. Therefore I would like to explore price as both an ingredient of the product and as a strategic marketing tool.