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What is pricing decision?

A pricing decision is a critical process in business strategy involving determining the optimal price for a product or service. It balances factors like production costs, market demand, competition, and brand positioning. Effective pricing decisions consider both internal cost structures and external market conditions, aiming to maximize profitability while maintaining competitiveness and ensuring customer satisfaction. Pricing decisions are influenced by various pricing strategies, market research, and financial objectives, often requiring adjustments based on market feedback and changing business conditions.

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