Getting a pricing strategy wrong can create a problem that you may never be able to overcome. "It's probably the hardest thing there is to do," says Charles Toftoy, associate professor of management sciences at George Washington University. “It's part art and part science.” There are different pricing strategies; however, this may only be a reliable approach suited to a company or market. Pricing a product usually involves considering a few key factors such as understanding which target customers want, understanding the relationship between price and quality, and following how competitors are changing. Many companies like Smucker's use leading prices; What is the price of leaders? Leading can be defined as setting low prices to attract customers to the store or to create more awareness of your product. (hills,