Pricing refers to the process of determining the value of a product or service. It involves setting a specific amount that customers must pay to acquire it. Factors influencing pricing include production costs, market demand, competition, and perceived value. Businesses often use various strategies, such as discounts or premium pricing, to attract customers and maximize profits. Effective pricing is crucial for a company's success. It can impact sales volume, revenue, and overall market position. Companies like Apple and Walmart use different pricing strategies to appeal to their target audiences, balancing affordability with profitability to maintain a competitive edge.