can you improve this? Developing and implementing a pricing strategy is critical to create a positive customer perception of value, enhance brand image, and achieve sustained profitability and growth. Companies should start by determining what the customers value the most. Collecting secondary data in the beginning can help determine target segment preferences, consumer tastes, prices and availability of competitor products, and consumer income. This information can be used to compute a demand curve and elasticity of demand. Part of the data can be used to assess the competition for product positioning and pricing along with their strengths and weaknesses. Understanding the competition can help develop a unique value proposition that differentiates your product and pricing points as well as the product's value. The next step in the process is to determine an appropriate price. To complete this step, the company must decide on the pricing approach to apply to the product. There are four approaches to choose from: demand, cost, profit, or competition-oriented approaches. Then, when setting a price, a manager should consider whether to use a fixed or dynamic pricing policy, assess the impact on the company, customers, and competitors, and balance incremental costs with revenues, especially when planning price or cost changes. (p. 402) Finally, a marketing manager should analyze if there are any applicable discounts or allowances to reduce the price or geographical adjustments th