There are quite a number of reasons why pricing is an important task for the consumer and the marketer. Pricing has got its objectives that it wishes to achieve in the market. These include achieving a target profit, building traffic, increasing market share, creating an image, and meeting social goals. Achievement of these objectives will mean that there was the success of the product in the market.
One of the major objectives of pricing is achieving a target return on investment or profit. Ultimately, the goal of marketing is to make a profit. This is achieved by providing goods and services to others. Naturally, one long-run pricing objective of nearly all the companies, industries and firms is to maximize and optimize the profit that they make in a single financial year (Nickels et al, 2009 p.499)