6 steps in the price setting process

The steps in the price setting process include research and analysis, cost determination, value proposition development, price testing and evaluation, price implementation, and price monitoring and adjustment. In the first step, companies conduct research to understand the market, competition, and target customers. In the second step, they determine the cost of production. In the third step, they develop a value proposition that takes into account the target market, competition, and company goals. In the fourth step, they test and evaluate the proposed price. In the fifth step, they implement the price. In the final step, they monitor and adjust the price as needed.