👉 Pricing engineering is the strategic process of setting and optimizing prices for products or services to maximize revenue, profitability, and market share while considering various business goals and constraints. It involves analyzing market conditions, customer behavior, competitor pricing, cost structures, and product lifecycle to determine the most effective price points. Pricing engineers use data analytics, pricing models, and simulation tools to test different scenarios and predict the impact of price changes on demand, margins, and overall business performance. The ultimate aim is to find the optimal pricing strategy that balances customer value perception with financial objectives, ensuring competitiveness and long-term sustainability in the market.
