Pricing is a strategic issue that affects other elements of the marketing mix like product features, distribution channels, and promotion. There are several steps to pricing a product, including analyzing costs and demand, setting pricing objectives like profit or revenue maximization, and determining the actual price using factors like costs, demand, and environmental considerations. Common pricing objectives include current profit maximization, current revenue maximization, maximizing quantity sold, and maximizing profit margins. Pricing methods include cost-plus pricing, target return pricing, and value-based pricing. Price discounts are also used to influence demand and include quantity, seasonal, cash, trade, and promotional discounts.