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. The US Chamber of Commerce mentioned a business has to consider its needs and goals before developing a pricing strategy. (Heaslip, 2021) Once this is reviewed, companies should determine what is most valued by their customers. Collecting secondary data in the beginning can help determine target segment preferences, consumer tastes, prices and availability of competitor products, and consumer income levels. This information can be used to compute a demand curve and determine elasticity of demand. Additionally, this information aids in evaluating the competitive landscape, allowing companies to identify both the strengths and weaknesses of rival products regarding product positioning and pricing. Understanding the competition can help develop a unique value proposition that differentiates your product and its pricing strategies as well as the product's overall value. "The pricing for a product or service needs to consider costs and what the market will bear. The market, or consumers, decide what a product is worth and will only pay so much." (Deland, 2022, para. 2) 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-oriented, cost-oriented, pro