If you are planning to build a business or even if you are just a consumer, I believe you should be aware of
pricing strategies used by most sellers. If you want to build a business this can help you dictate a pricing point for your goods or services and as a consumer this might help you be more responsible in buying.
1) Value based pricing. Basically a product is priced based on the percepted value of the product by the people. This allows for more profit since sellers can offer higher prices. Higher percepted value means maybe the business is credible and has some associated value to it for example Apple products. You can argue they can be a bit cheaper purpose wise but since they are a big name, they can afford to price massively.
2) Competition based pricing. This will be helpful for sellers who are wanting to break through a market. If a market is highly competitive, you might want to sell your goods for a lower price to attract more customers to you. It can help you get customers but you might not be able to get as much profit due to low pricing.
3) Cost based pricing. This might be the most common where the sellers just add a certain percentage on top of what they have spent for making of the product. Including the operational costs and whatnot. This is a lot simple to calculate and preferred by most beginners.
If you are in business the only price point that you need to pay attention towards is competition based pricing. Unless you have a truly unique and first to market product, which is quite rare these days, then you are going to be pricing compared to others. They will already be dictating the base price and unless you have a good sales pitch, distinguishing factors and added value, it's going to be tough to raise your pricing much beyond that. As a consumer you should always be doing comparisons on every purchase but understanding that the lowest price is not necessarily the best option - buying bad quality can often end up with paying for it twice.