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Costs and profits are two dominant factors having a direct impact on selling price. Several cost reduction strategies are usually applied to minimize the costs. However, to maximize profit, a business must find a way to maximize customer’s perceived value of a product or service. For the contemporary market, the importance of each pricing factor depends on the behavior or purchasing objectives of the customer. It is well-known that the influencing factors for a price decision can be divided into internal and external factors. Internal factors are related to the internal environment of the business, such as organizational factors and goals of the business, cost of the product, product differentiation, and marketing mix. Otherwise, external factors include variables related to the external environment, which the business has less control over these variables. For example, there are customer expectations, price elasticity of demand, suppliers, competition, economic condition, government laws and regulations, and unexpected situations such as the recently COVID-19 pandemic.