This document outlines six steps for setting a pricing policy: 1) Selecting the pricing objective such as survival, profit, or market share; 2) Determining demand through analyzing price sensitivity, elasticity, and surveys; 3) Analyzing costs through accumulated production and target costing; 4) Analyzing competitors' costs, prices, and offers; 5) Selecting a pricing method like markup, target-return, or value pricing; 6) Selecting the final price considering risks and impacts on other parties. The document was created by Subhasis Panda during an internship with Prof. Sameer Mathur.