Companies must obtain relevant information to support pricing decisions. Without accurate data, the result can be unrealistic prices that may not be the best available. This may lead to prices customers are unwilling to pay, ultimately causing losses in profit, revenue and business. In order for organizations to ensure their profitability, they must continually monitor the prices of their products and services as well as their pricing methodology and strategy, as they could change from transaction to transaction.
This document includes leading practices and questions an organization should consider when developing its pricing strategies.