Hi,

You should keep in mind several factors:

• Overall strategic objective - are we trying to increase market share or profits?
• Nature of the product - mass vs premium
• Price elasticity. In other words - what is the relationship between price and volumes and what are the implications of the price increase for overall revenue
• Price perception and willingness to pay - how does the customer perceive the price?
• Competitors pricing - will the customers switch to competitors?
• Product differentiation and pricing tiers. What is the role of the product in your portfolio? Maybe the price should be low but you can earn more on cross-selling
• Government regulations

Best

There are external factor that may affect the pricing strategy.

You should keep in mind:

-What other competitors are doing? Are they increasing pricing or not?

-What's your positioning in the market? Is it a low cost or premium brand?

-What customer really wants and their willingness to pay.

Sometimes sales are strongly related to brand perception where price is one of the main drivers.