Product pricing is the process of setting prices for products or services. It involves evaluating costs, market demand, and competition. Understanding product pricing meaning is crucial for business success.

Product pricing is a fundamental business function that directly impacts revenue, profitability, and customer perception, making it essential for determining the optimal amount customers will pay for a product or service.
Effective pricing strategies should reflect the product's perceived value, competition, market demand, and target audience.
Regular market reviews are necessary to ensure pricing remains competitive and aligns with market trends and customer needs.
Pricing can be a powerful tool for market segmentation, targeting different customer groups with tailored offers and price points.
Integrating customer feedback into pricing decisions helps ensure that the prices meet market expectations and drive satisfaction.