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What is the concept of pricing objectives?

The concept of pricing objectives refers to the specific goals a business aims to achieve through its pricing strategy. These objectives can range from maximizing profits, expanding market share, and achieving sales targets, to enhancing brand perception, entering new markets, or simply covering costs. Pricing objectives guide decision-making and strategy formulation, ensuring that pricing aligns with overall business goals and market conditions. By defining clear pricing objectives, businesses can develop focused strategies that resonate with their target audience and competitive landscape.

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