1. Pricing is determining the monetary value of a product for consumers and involves considering objectives like maximizing profits, competitive pricing, and market factors. 2. Key factors that influence pricing decisions include costs, demand, competition, product differentiation, and the product's stage in its lifecycle. 3. Common pricing methods include cost-based pricing, demand-based pricing, and competition-based pricing which sets prices relative to competitors. Pricing strategies also involve options like penetrating the market with low introductory prices or skimming customers by charging high initial prices.