In the competitive world of business, understanding the market is crucial for survival and growth. One of the most critical aspects of this understanding is determining the optimal pricing strategy. Price setting is not just about covering costs and achieving a profitable margin; it's about knowing your customer, their needs, and how much they are willing to pay for a service or product. Market segmentation and detailed market research play pivotal roles in this process, allowing businesses to tailor their pricing strategies to different consumer groups based on actionable insights and simulations.