4 Steps to a successful new product or service pricing strategy

The four steps to a successful new product or service pricing strategy are: research and analysis, value proposition development, price testing and evaluation, and price implementation and monitoring. Companies first conduct research to understand the target market and competition, then develop a value proposition that takes into account the target market, competition, and company goals. Next, they test and evaluate the proposed price using surveys or focus groups, and finally, implement the price and monitor its effectiveness.