Explanation:

Firms rely on price to cover the costs of production, pay expenses, and provide the profit incentive necessary to continue to operate the business. ... For a commercial firm, the price paid by the buyer generates the firm's revenue. If revenue falls below cost for a long period of time, the firm cannot survive.

Pricing objectives refer to the goals that drive how your business sets prices for your product or service. These objectives can and should apply to pricing for both new and existing customers. The direction provided by pricing objectives is crucial to adjusting prices over time in order to meet your objectives. 

Each pricing objective requires a different pricing strategy to meet business goals. Certain pricing methods work well for meeting a particular objective, while other combinations can contradict one another - it’s important to make sure your pricing objectives and strategies are closely matched.