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Costs and profits are two dominant factors that have  a direct impact on selling price. Several cost reduction strategies have been applied to minimize the costs. In addition,  to maximize profit, a business must find a way to maximize customer’s perceived value of a product or service so that they can set the higher price to sell their products which in turn making more profits for business. Fo r the contemporary market, the importance of each pricing factor depends on each customer behavior or purchasing objectives of the customer. It is widely accepted that there are two types of factors affecting product pricing which are internal factors and external factors. (Haron, 2016). Internal factors are related to the internal environment of the business and can be controllable, such as organizational factors and goals of the business, cost of the product, product differentiation, and marketing mix. On the other hand, external factors include variables related to the external environment, which the business has less or has no control over these variables such as customer expectations, price elasticity of demand, suppliers, competition, economic condition, government laws and regulations, and unexpected situations such as the recently COVID-19 pandemic